<SEC-DOCUMENT>0001292814-24-000494.txt : 20240223
<SEC-HEADER>0001292814-24-000494.hdr.sgml : 20240223
<ACCEPTANCE-DATETIME>20240222180551
ACCESSION NUMBER:		0001292814-24-000494
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240223
DATE AS OF CHANGE:		20240222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vale S.A.
		CENTRAL INDEX KEY:			0000917851
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15030
		FILM NUMBER:		24666514

	BUSINESS ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145
		BUSINESS PHONE:		55 21 3485-3900

	MAIL ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Companhia Vale do Rio Doce
		DATE OF NAME CHANGE:	20051108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE RIO DOCE CO
		DATE OF NAME CHANGE:	20020129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE DOCE RIVER CO
		DATE OF NAME CHANGE:	19950602
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>valedfifrs4q23_6k.htm
<DESCRIPTION>6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United States</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities and Exchange Commission</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

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

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 6-K</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Report of Foreign Private Issuer</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Rule 13a-16 or 15d-16</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of the</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">February 2024</P>

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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<P STYLE="color: teal; font: 14pt/106% Vale Sans,sans-serif; margin: 12pt 0 0; text-align: center"><B>
Contents</B></P>

<P STYLE="font: 8pt/115% Vale Sans,sans-serif; margin: 0 0 10pt 7.1pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_001">Report of Independent Registered Public Accounting Firm</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_001">3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_002">Management&rsquo;s Report on Internal Control over Financial Reporting</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_002">4</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_003">Consolidated Income Statement</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_003">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_004">Consolidated Statement of Comprehensive Income</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_004">6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_005">Consolidated Statement of Cash Flows</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_005">7</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_006">Consolidated Statement of Financial Position</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_006">8</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_007">Consolidated Statement of Changes in Equity</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_007">9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_008">1. Corporate information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_008">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_009">2. Basis of preparation of financial statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_009">11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_010">3. Significant events and transaction related to 2023 financial statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_010">16</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_011">4. Information by business segment and geographic area</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_011">17</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_012">5. Costs and expenses by nature</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_012">21</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_013">6. Financial results</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_013">22</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_014">7. Streaming transactions</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_014">23</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_015">8. Taxes</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_015">24</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_016">9. Basic and diluted earnings (loss) per share</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_016">29</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_017">10. Cash flows reconciliation</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_017">30</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_018">11. Accounts receivable</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_018">31</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_019">12. Inventories</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_019">32</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_020">13. Suppliers and contractors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_020">33</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_021">14. Other financial assets and liabilities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_021">33</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_022">15. Investments in associates and joint ventures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_022">36</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_023">16. Acquisitions and divestitures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_023">41</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_024">17. Intangibles</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_024">47</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_025">18. Property, plant, and equipment</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_025">48</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_026">19.&nbsp;&nbsp;&nbsp;Impairment reversal (impairment and disposals) of non-current assets</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_026">50</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_027">20. Financial and capital risk management</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_027">52</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_028">21. Financial assets and liabilities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_028">63</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_029">22. Participative shareholders&rsquo; debentures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_029">65</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_030">23. Loans, borrowings, cash and cash equivalents and short-term investments</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_030">66</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_032">25. Brumadinho dam failure</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_032">69</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_033">26. Liabilities related to associates and joint ventures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_033">72</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_034">24. Provision for de-characterization of dam structures and asset retirement obligations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_034">76</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_035">28. Legal proceedings</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_035">80</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_036">29. Employee benefits</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_036">83</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_037">30. Equity</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_037">93</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_038">31. Related parties</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_038">96</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 35.45pt"><A HREF="#a_039">32.&nbsp;Commitments and guarantee</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_039">98</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt/150% Vale Sans,sans-serif; margin: 0 0 0 35.45pt">&nbsp;</P>


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

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><A NAME="a_001"></A>&nbsp;<IMG SRC="image_005.jpg" ALT=""></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 13pt Georgia, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 13pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><B>Report of independent registered<BR>
public accounting firm</B></P>

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

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

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">Vale&nbsp;S.A.</P>

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

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><B>Opinions on the financial statements and<BR>
internal control over financial reporting</B></P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">We have audited the accompanying consolidated statement of financial position
of Vale&nbsp;S.A. and its subsidiaries (the &quot;Company&quot;) as of December&nbsp;31, 2023 and 2022, and the related consolidated income
statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for each of the three years in
the period ended December 31, 2023, including the related notes (collectively referred to as the &quot;consolidated financial statements&quot;).
We also have audited the Company's internal control over financial reporting as of December&nbsp;31, 2023, based on criteria established
in Internal Control - Integrated Framework&nbsp;(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO).</P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of the Company as of December&nbsp;31, 2023 and 2022, and the results
of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with International
Financial Reporting Standards&nbsp;as issued by the International Accounting Standards Board. Also, in our opinion, the Company maintained,
in all material respects, effective internal control over financial reporting as of December&nbsp;31, 2023, based on criteria established
in Internal Control - Integrated Framework (2013) issued by the COSO.</P>

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

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><B>Basis for opinions</B></P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">The Company's management is responsible for these consolidated financial
statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal
control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility
is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements
are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was
maintained in all material respects.</P>

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

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0"></P>

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

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">Our audits of the consolidated financial statements included performing
procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our
audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide
a reasonable basis for our opinions.</P>

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

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><B>Definition and limitations of internal<BR>
control over financial reporting</B></P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">A company's internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting
includes those policies and procedures that: (i)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company; (ii)&nbsp;provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (iii)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition
of the company's assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.</P>

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

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><B>Critical audit matters</B></P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">The critical audit matters communicated below are matters arising from
the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee
and that: (i) relate to accounts or disclosures that are material to the consolidated financial&nbsp;statements; and (ii) involved our
especially challenging, subjective, or complex judgments. The&nbsp;communication of critical audit matters does not alter in any way our
opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below,
providing separate opinions on the critical audit matters or on the accounts or disclosures to which they&nbsp;relate.</P>

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

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><BR>
</P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><B>Provisions for de-characterization<BR>
of the dam structures</B></P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">As described in Note&nbsp;27 (a) to the consolidated financial statements,
the Company's provision for de-characterization of all its tailings dams built under the upstream method, certain &quot;centerline structures&quot;
and dikes, located in Brazil was US$&nbsp;3,451 million as of December 31, 2023, and additions to the provision for the year ended December
31, 2023 was US$ 153 million. The provisions recorded are based on the estimation of costs to be incurred for each of the de-characterization
projects that will last up to 15 years. Management applies significant judgment in developing the estimates for de-characterization of
the dams structures including (i) volume of the waste to be removed based on historical data available and interpretation of the enacted
laws and regulations; (ii) location availability for the tailings disposal; (iii) engineering methods and solutions; (iv) security levels;
(v) productivity of the equipment used; (vi) advances in geological studies and new hydrological information; and (vii)&nbsp;discount
rate update. In addition, as management has further disclosed, given the nature and uncertainties inherent in this type of provision,
the amounts recognized and disclosed will be reassessed by the Company at each reporting period and may be adjusted significantly in future
periods, as new facts and circumstances become known.</P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><FONT STYLE="letter-spacing: -0.1pt">The principal considerations for
our determination that performing procedures relating to the provisions for de-characterization of the dams structures is a critical audit
matter are (i) the significant judgment by management, including the use of specialists, when developing the estimates of the total expected
costs to carry out all de-characterization projects related to the dams, which in turn led to (ii)&nbsp;a high degree of auditor judgment,
subjectivity, and effort in performing procedures and evaluating management's</FONT> significant assumptions related to volume of the
waste to be removed and engineering methods and <FONT STYLE="letter-spacing: -0.1pt">solutions, and (iii) the audit effort involved the
use of professionals with specialized skill and knowledge. </FONT></P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">Addressing the matter involved performing procedures and evaluating
audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included&nbsp;testing
the effectiveness of controls relating to management's estimates of the provision for de-characterization of the dams structures. The
work of management's specialists was used in performing the procedures to evaluate the reasonableness of the engineering solutions and
significant assumptions used by management related to volume of the waste to be removed and engineering methods to execute this removal.
As a basis for using this work, the specialists' qualifications were understood and the Company's relationship with these specialists
was assessed. The procedures performed also included evaluation of the methods and assumptions used by specialists and procedures to assess
whether these were consistent with internal and external references, as well as evidence available or obtained in other areas of the audit.
Additionally, these procedures included evaluating whether the assumptions related to volume of the waste to be removed and engineering
methods and solutions were reasonable considering the information available according to the engineering phase of each project and the
historic information gathered from the ongoing de-characterizations projects of the Company.</P>
<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><BR>
</P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><B>Tax litigation</B></P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">As described in Note&nbsp;28 to the consolidated financial statements,
the Company has recognized provisions for tax litigations in the amount of US$&nbsp;90 million as of December 31, 2023 and disclosed contingent
liabilities related to tax litigation in the amount of US$&nbsp;7,235 million, and US$ 5,411 million <FONT STYLE="letter-spacing: -0.1pt">related
to uncertain income tax position under discussion with tax authorities, as described in Note&nbsp;8&nbsp;(e).</FONT> The Company recognizes
a provision for tax litigation in the consolidated financial statements for the resolution of pending litigation when the Company has
a present obligation as a result of a past event and management determines that a loss is probable, and the amount of the loss can be
reasonably estimated, with the support of Company's specialists. No provision for tax litigation is recognized in the consolidated financial
statements for unfavorable outcomes when, after assessing the information available, (i) management concludes that it is not probable
that a loss has been incurred in any of the pending litigation; or (ii) management is unable to estimate the loss or range of loss for
any of the pending matters. In case of income tax pending litigations, management determines whether it is probable or not that taxation
authorities will accept the uncertain tax treatment. If management concludes it is not probable that taxation authorities will accept
the uncertain tax treatment, a provision for income tax is recognized. The Company also discloses the contingency in circumstances where
management concludes: (i) no loss is probable or reasonably estimable, but it is reasonably possible that a loss may be incurred; or (ii)
in case of income tax pending litigations, it is probable that the taxation authority will accept the uncertain tax treatment.</P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">The principal considerations for our determination that performing
procedures relating to tax litigation are a critical audit matter are (i) the significant judgments by management when assessing the likelihood
of a loss being incurred and when determining whether a reasonable estimate of the loss or range of loss and possible outcomes for each
tax litigation claim can be made, which in turn led to a high degree of auditor judgment, subjectivity and effort in evaluating management's
assessment of the loss contingencies associated with litigation claims; and (ii) the audit effort involved the use of professionals with
specialized skill and knowledge.</P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">Addressing the matter involved performing procedures and evaluating
audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing
the effectiveness of controls relating to management's evaluation of tax litigation claims, including controls over determining whether
a loss is probable and whether the amount of loss can be reasonably estimated, or whether it is probable the taxation authority will not
accept the income tax pending litigation, as well as financial statement disclosures. These procedures also included, among others, obtaining
and evaluating the&nbsp;letters of audit inquiry with internal and external legal counsel, evaluating the reasonableness of management's
assessment regarding whether unfavorable outcomes is reasonably possible or probable and reasonably estimable and evaluating the sufficiency
of the Company's tax litigation contingencies disclosures. The work of Company's specialists was used in performing the procedures to
evaluate the reasonableness of the estimates related to the tax litigation claims. As a basis for using this work, the specialists' qualifications
and objectivity were understood, as well as the methods and assumptions used by them. The procedures also included an evaluation of the
specialists' findings. In addition, professionals with specialized skills and knowledge were used to assist in the evaluation of the reasonableness
of the estimate or range of loss and possible outcomes of the main tax litigation claims.</P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>
<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0"></P>

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

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><B>Liabilities related to associates and<BR>
joint ventures</B></P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><FONT STYLE="letter-spacing: -0.15pt">As described in Note 26 to the
consolidated financial statements, the Company has recognized a provision</FONT> related to the Samarco Minera&ccedil;&atilde;o S.A. (&quot;Samarco&quot;)
dam failure in the amount of US$4,427 million as of December 31, 2023, including additions to the provision for the year ended December
31, 2023, in the amount of US$1,200 million. The Fund&atilde;o tailings dam is owned by Samarco, a joint venture between Vale S.A. and
BHP Billiton Brasil Ltda. (&quot;BHPB&quot;), where the failure was experienced in November, 2015. The Company and BHPB have assumed responsibility
in a proportion of fifty percent each for the obligations generated that cannot be financially fulfilled by Samarco itself, the primary
responsible party. The provision recorded is based on the estimation of cash outflows to be incurred and it requires the use of assumptions
and estimates that can significantly change its value due to: (i)&nbsp;scope and cost of completing pre defined programs; (ii) potential
future settlement agreement in respect to the Federal Public Prosecution Office claim; (iii) the extent to which Samarco will be able
to directly fund future obligations; (iv) resolution of existing and potential legal claims; and (v) updates to the discount rate. In
addition, as management has further disclosed, given the nature and uncertainties inherent in this type of provision, future expenditures
may differ from the amounts currently provided and changes to key assumptions could result in a material impact to the amount of the provision
in future reporting periods.</P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">The principal considerations for our determination that performing
procedures relating to the provisions related to the Samarco dam failure is a critical audit matter are (i) the significant judgment by
management, including the use of legal advisors, when developing the estimates of the total expected cash outflows, which in turn led
to (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's significant assumptions,
and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.</P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">Addressing the matter involved performing procedures and evaluating
audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing
the effectiveness of controls relating to management's estimates of the provision related to the Samarco dam failure. The procedures also
included, among others, obtaining confirmations and positions from the management&rsquo;s external and internal legal advisors involved
in the related legal actions and in the negotiations for a potential settlement agreement, in addition to inquiries to the Company's executive
directors. In addition, the procedures included evaluating the reasonableness of the models, the data, the application of discount rate
and other assumptions used to form the provision estimate, with the involvement of our internal experts with specialized skills and knowledge,
which also included sensitivity analysis of the main assumptions used and the impacts of their possible&nbsp;changes on the calculated
provision. The procedures also included evaluating the accounting treatment adopted by the Company to recognize the provision and its
movements in the year ended December 31, 2023, as well as financial statements disclosures.</P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">Rio de Janeiro, February 22,&nbsp;2024</P>

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

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt">PricewaterhouseCoopers<BR>
Auditores Independentes Ltda.</P>

<P STYLE="margin: 0; font: 10pt/115% Georgia, Times, Serif">We have served as the Company's auditor since 2019.</P>

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

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

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

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0"></P>




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

<P STYLE="font: 16pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_002"></A>Management&rsquo;s Report on Internal
Control over Financial Reporting</B></P>

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Vale&rsquo;s management has assessed the effectiveness
of the company&rsquo;s internal control over financial reporting as of December 31, 2023, based on the criteria established in Internal
Control &ndash; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based
on such assessment and criteria, Vale&rsquo;s management has concluded that the company&rsquo;s internal control over financial reporting
is effective as of December 31, 2023.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The effectiveness of the company&rsquo;s internal control
over financial reporting as of December 31, 2023, has been audited by PricewaterhouseCoopers Auditores Independentes Ltda., an independent
registered public accounting firm, as stated in their unqualified report which appears herein.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">February 22<SUP>th</SUP>, 2024.</P>

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

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

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

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

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

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

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


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<P STYLE="font: 22pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_003"></A>Consolidated Income Statement</B></P>

<P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>In millions of United States dollars, except earnings per share </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Continuing operations</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net operating revenue</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4(b) </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41,784</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43,839</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54,502</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5(a)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(24,089)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(24,028)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(21,729)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,695</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>19,811</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>32,773</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Selling and administrative</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(553)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(515)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(481)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Research and development</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(723)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(660)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(549)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pre-operating and operational stoppage</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(450)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(479)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(648)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other operating expenses, net</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5(c)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,498)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,722)</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,976)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment reversal (impairment) and results on disposal of non-current assets, net</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(266)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">773</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(426)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,205</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,208</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>27,693</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial income</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">432</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">520</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">337</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial expenses</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,459)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,179)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,249)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial items, net</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(919)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,927</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,031</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15 and 26</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,108)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">305</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,271)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,151</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>19,781</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>29,541</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,046)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,971)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,697)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income from continuing operations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,105</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>16,810</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>24,844</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">122</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">108</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income from continuing operations attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,983</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>16,728</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>24,736</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Discontinued operations</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income (loss) from discontinued operations</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(l)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,060</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,376)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loss attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(85)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) from discontinued operations attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,060</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,291)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,105</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,870</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22,468</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">122</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,983</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,788</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22,445</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Basic and diluted earnings per share from continuing operations</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.83</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.61</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.93</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Basic and diluted earnings per share attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.83</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.05</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.47</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 10 -->
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<P STYLE="font: 22pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_004"></A>Consolidated Statement of Comprehensive
Income</B></P>

<P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>In millions of United States dollars</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Teal 1pt solid; width: 49%">&nbsp;</TD>
    <TD STYLE="border-bottom: Teal 1pt solid; white-space: nowrap; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; white-space: nowrap; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; white-space: nowrap; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; white-space: nowrap; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,105</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,870</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22,468</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other comprehensive income:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Items that will not be reclassified to income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustments of the Parent Company</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,966</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,259</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,174)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Retirement benefit obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(68)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">269</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">475</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value adjustment to investment in equity securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">397</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,911</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,528</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,302)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Items that may be reclassified to income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustments of foreign operations</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(522)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,306)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">918</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net investment hedge </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">139</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">81</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(118)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash flow hedge </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Reclassification of cumulative translation adjustment to income statement</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15 and 16</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,830)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,749)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(402)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(6,036)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,946)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Comprehensive income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,614</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,362</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,220</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Comprehensive income attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">125</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">80</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Comprehensive income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,489</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,282</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,199</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

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


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<P STYLE="font: 22pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_005"></A>Consolidated Statement of Cash
Flows</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 58%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from operations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10(a)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,252</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,762</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>33,414</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on loans and borrowings paid </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(743)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(785)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(693)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash received (paid) on settlement of derivatives, net</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">567</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(83)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(197)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments related to Brumadinho event </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,330)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,093)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,388)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments related to de-characterization of dams </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(458)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(349)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(338)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on participative shareholders' debentures paid </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(233)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(371)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(418)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income taxes paid (including settlement program) </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,890)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,637)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,385)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash generated by operating activities from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,165</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,444</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>25,995</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net cash generated (used) by operating activities from discontinued operations</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(l)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(316)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,165</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,485</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>25,679</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F4F4F4; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from investing activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,920)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,446)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,033)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments related to Samarco dam failure</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(553)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(338)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(413)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #DADADA 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions to investments </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(42)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeds (payments) from disposal of investments, net</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(139)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">577</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">704</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends received from associates and joint ventures </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">204</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">219</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">190</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investment</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">127</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">260</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">582</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other investing activities, net</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">145</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(129)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used in investing activities from continuing operations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(6,319)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,583)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,141)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net cash used in investing activities from discontinued operations </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(l)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(103)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,469)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(6,319)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,686)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(6,610)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from financing activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings from third parties </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,950</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,275</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">930</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments of loans and borrowings from third parties </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(658)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,300)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,927)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments of leasing </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(233)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(224)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(215)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends and interest on capital paid to Vale&rsquo;s shareholders</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30(e)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,513)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,603)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13,483)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends and interest on capital paid to noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(30)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Shares buyback program </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,714)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,036)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,546)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquisition of stake in VOPC</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(e)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(130)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used in financing activities from continuing operations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(7,339)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(13,900)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(20,271)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net cash used in financing activities from discontinued operations </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(l)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(7,339)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(13,911)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(20,284)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net decrease in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(493)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(7,112)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,215)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents in the beginning of the year</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,736</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,721</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13,487</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">69</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">138</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(551)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of transfer PTVI to non-current assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(703)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 3.55pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 6.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents from subsidiaries sold, net </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash and cash equivalents at end of the year</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,609</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,736</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,721</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,609</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,736</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,197</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,319</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">271</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">342</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,684</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,482</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(f)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">900</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,272</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28(d)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">611</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">444</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">314</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,767</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,526</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(b)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,933</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,700</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,526</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28(d)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">798</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,215</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">593</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">280</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(f)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,374</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,110</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,565</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,770</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,257</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,019</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,587</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,394</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,872</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,798</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Intangibles</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,631</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,238</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Property, plant, and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48,396</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44,938</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>75,486</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>71,368</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>94,186</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>86,894</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 70%; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,272</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,461</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">824</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">307</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">197</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">182</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,676</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,672</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Taxes payable</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(f)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,314</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">470</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(d)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">428</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">371</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,057</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">944</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">837</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,911</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,035</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">661</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provisions for litigation</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">114</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">106</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">964</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">930</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends payable</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,383</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">376</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">493</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,094</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,891</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities associated with non-current assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(b)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">561</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,655</B></FONT></TD>
    <TD STYLE="padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,891</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,647</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,874</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,255</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,349</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participative shareholders' debentures</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,874</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,725</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,373</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,843</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(d)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,723</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,869</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(b)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">870</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,413</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,003</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,368</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,590</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,410</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,694</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,520</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provisions for litigation</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">885</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,186</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,381</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,260</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Streaming transactions</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,962</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,612</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">293</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">216</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>38,550</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>35,645</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>53,205</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>49,536</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity attributable to Vale's shareholders</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39,461</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35,867</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,520</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,491</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total equity</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>40,981</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>37,358</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities and equity</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>94,186</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>86,894</B></FONT></TD></TR>
  </TABLE>



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

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

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


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<P STYLE="font: 22pt Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><A NAME="a_007"></A><B>Consolidated Statement of Changes in Equity</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR><TD STYLE="width: 29%; border-bottom: teal 1pt solid"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Share
    capital</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Capital
    reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Profit
    reserves</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Treasury
    shares</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Other
    reserves</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Cumulative
    translation adjustments</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Retained
    earnings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Equity
    attributable to Vale&rsquo;s shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Equity
    attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Consolidated
    shareholders&rsquo; &nbsp;equity</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Balance
    as of December 31, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>61,614</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,139</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>7,042</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(2,441)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(2,056)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(29,554)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>35,744</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(923)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>34,821</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Net
    income</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">22,445</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">22,445</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">23</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">22,468</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Other
    comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">758</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">886</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(6,890)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(5,246)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(5,248)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Fair
    value reclassification of Mosaic shares</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">16(j)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(522)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">522</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends
    and interest on capital of Vale's shareholders</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">30(d)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4,296)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(8,368)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(12,664)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(12,664)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends
    of noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(25)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(25)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Acquisitions
    and disposals of noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">16(l)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(331)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(331)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">1,761</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">1,430</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Appropriation
    to undistributed retained earnings</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">14,599</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(14,599)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Shares
    buyback program</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">30(c)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(5,546)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(5,546)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(5,546)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Share-based
    payment program </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">29(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">63</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">63</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">63</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Treasury
    shares canceled </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">30(b)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,401)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2,408</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">7</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">7</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Balance
    as of December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>61,614</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,139</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>15,702</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(5,579)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(1,960)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(36,444)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>34,472</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>834</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>35,306</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Net
    income</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">18,788</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">18,788</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">82</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">18,870</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Other
    comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">756</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">269</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4,531)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,506)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,508)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends
    and interest on capital of Vale's shareholders</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">30(d)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,500)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4,386)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(7,886)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(7,886)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends
    of noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(7)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(7)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Acquisitions
    and disposals of noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">16(l)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">584</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">584</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Appropriation
    to undistributed retained earnings</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">14,402</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(14,402)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Shares
    buyback program</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">30(c)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(6,036)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(6,036)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(6,036)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Share-based
    payment program </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">29(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">16</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">16</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">16</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Treasury
    shares canceled </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">30(b)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(6,616)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">6,635</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">19</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Balance
    as of December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>61,614</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,139</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>20,744</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(4,980)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(1,675)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(40,975)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>35,867</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,491</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>37,358</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Net
    income</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">7,983</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">7,983</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">122</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">8,105</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Other
    comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">1,495</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(73)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">1,084</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2,506</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">3</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2,509</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends
    and interest on capital of Vale's shareholders</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">30(d)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(437)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,744)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4,181)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4,181)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends
    of noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(37)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(37)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Acquisitions
    and disposals of noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">16(e)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">3</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">3</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(59)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(56)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Appropriation
    to undistributed retained earnings</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">4,239</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4,239)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Shares
    buyback program</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">30(c)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,714)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,714)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,714)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Share-based
    payment programs</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">29(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">26</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(29)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Treasury
    shares canceled </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">30(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4,164)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">4,164</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Balance
    as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>61,614</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,139</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>21,877</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(3,504)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(1,774)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(39,891)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>39,461</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,520</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>40,981</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_008"></A>1. Corporate information</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Vale S.A. (the &ldquo;Parent Company&rdquo;) is a public company
headquartered in the city of Rio de Janeiro, Brazil. Vale&rsquo;s share capital consists of common shares, traded on the stock exchange.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In Brazil, Vale's common shares are listed on B3 under the
code VALE3. The Company also has American Depositary Receipts (ADRs), with each representing one common share, traded on the New York
Stock Exchange (NYSE) under the code VALE. Additionally, the shares are traded on LATIBEX under the code XVALO, which is an unregulated
electronic market established by the Madrid Stock Exchange for the trading of Latin American securities. The Company's shareholding structure
is disclosed in note 30.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Vale, together with its subsidiaries (&ldquo;Vale&rdquo; or
the &ldquo;Company&rdquo;), is one of the world's largest producers of iron ore and nickel. The Company also produces iron ore pellets
and copper. Nickel and copper concentrates contain by-products such as platinum group metals (PGM), gold, silver, and cobalt. Most of
the Company&rsquo;s products are sold to international markets, through the Company's main trading Company, Vale International S.A. (&ldquo;VISA&rdquo;),
a wholly owned subsidiary located in Switzerland.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is engaged in greenfield mineral exploration in
six countries, including Brazil, USA, Canada, Chile, Peru and Indonesia. It also operates extensive logistics systems in Brazil and other
regions worldwide, including railways, maritime terminals, and ports integrated with mining operations. Additionally, the Company has
distribution centers to support its iron ore shipments globally.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As part of its strategy, Vale also holds investments in energy
businesses through associates and joint ventures to meet energy consumption needs through renewable sources.</P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company's operations are organized into two operational
segments: &quot;Iron Ore Solutions&quot; and &quot;Energy Transition Metals&quot; (note 4).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Iron Ore Solutions</B></FONT>
&ndash; Comprise iron ore extraction and iron ore pellet production, as well as the north, south, and southeast transportation corridors
in Brazil, including railways, ports and terminals linked to mining operations.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #00807A"><B>Iron ore:</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Currently, Vale operates three systems in Brazil for the production and
distribution of iron ore. The Northern System (Caraj&aacute;s, State of Par&aacute;, Brazil) is fully integrated and comprises three mining
complexes and a maritime terminal. The Southeast System (Quadril&aacute;tero Ferr&iacute;fero, Minas Gerais, Brazil) is fully integrated,
consisting of three mining complexes, a railway, a maritime terminal, and a port. The Southern System (Quadril&aacute;tero Ferr&iacute;fero,
Minas Gerais, Brazil) consists of two mining complexes and two maritime terminals. In July 2022, the Company concluded the sale of the
Midwestern System (note 16g).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #00807A"><B>Iron ore pellets:</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Vale operates six pelletizing plants in Brazil and two in Oman.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #00807A"><B>Manganese:</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In January 2022, the Company concluded the sale of its ferroalloy operations
and, therefore, Vale is no longer a producer of manganese (note 16i).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Energy Transition Metals</B></FONT>
&ndash; Includes the production of nickel, copper and its by-products. In 2023, the Company transferred the assets related to this segment
to a new entity, &quot;Vale Base Metals Limited.&quot; In July 2023, Vale entered into agreements with Manara Minerals and Engine No.
1 to sell a minority stake in this business, in line with its strategy for this segment (notes 3 and 16c).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #00807A"><B>Nickel:</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">The Company's primary nickel operations are conducted by Vale Canada
Limited (&quot;Vale Canada&quot;), which owns mines and processing plants in Canada and Indonesia and nickel refining facilities in the
United Kingdom and Japan. In November 2023, the Company signed an agreement for the divestment of PT Vale Indonesia Tbk (&quot;PTVI&quot;),
which will result in the loss of control over this operation (note 16b). Vale also has nickel operations in On&ccedil;a Puma, located
in the State of Par&aacute;.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #00807A"><B>Copper:</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In Brazil, Vale produces copper concentrates at Sossego and Salobo in
Caraj&aacute;s, State of Par&aacute;. In Canada, Vale produces copper concentrates and copper cathodes associated with its nickel mining
operations in Sudbury (located in Ontario), Voisey&rsquo;s Bay (located in Newfoundland and Labrador), and Thompson (located in Manitoba).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #00807A"><B>Cobalt, PGM, and other
precious metals:</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">The ore extracted by Vale Canada in Sudbury yields cobalt, PGMs (Platinum Group
Metals), silver, and gold as by-products, which are processed at refining facilities in Port Colborne, Ontario. In Canada, Vale Canada
also produces refined cobalt at its Long Harbour facilities in Newfoundland and Labrador. The copper operations in Sossego and Salobo
in Brazil also yield silver and gold as by-products.</FONT></TD></TR></TABLE>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_009"></A>2. Basis of preparation of financial statements</B></P>

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



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


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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">These financial statements
were authorized for issue by the Board of Directors on February 22, 2024.</FONT></P>

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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) New accounting standards and
amendments</P>

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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Amendments to IAS 12 - OECD Pillar Two Rules</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In December 2021, the Organization
for Economic Co-operation and Development (&ldquo;OECD&rdquo;) released the Pillar Two model rules to reform international corporate taxation.
Multinational economic groups within the scope of these rules are required to calculate their effective tax rate in each country where
they operate, the &ldquo;GloBE effective tax rate&rdquo;.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">When the effective GloBE
rate of any entity in the economic group, aggregated by jurisdiction where the group operates, is lower than the minimum rate defined
at 15%, the multinational group must pay a supplementary amount of tax on profit, referring to the difference between its rate effective
GloBE and the minimum tax rate.</FONT></P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In May 2023, the IASB made
amendments to IAS 12 - Income Taxes, which provide a temporary relief from the requirement to recognize and disclose deferred taxes arising
from enacted or substantively enacted tax law that implements the Pillar Two model rules.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">For the Company, Pillar Two
rules will be adopted from 2024 in the Netherlands, Switzerland, United Kingdom, Japan and Luxembourg. The Company has applied the temporary
relief from the requirement to recognize and disclose deferred taxes related to Pillar Two effects and, therefore, there was no impact
in these financial statements for the year ended December 31, 2023.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company is still assessing
the impacts it may have on current income tax expenses for future reporting periods however, the Company currently does not expect any
material impacts in its financial statements from the Pillar Two rules.</FONT></P>

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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Amendments to IAS 12 &ndash; Deferred Tax
related to Assets and Liabilities arising from a Single Transaction</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The change is effective for
annual years beginning on or after January 1, 2023, and requires the recognition of a deferred tax asset and a deferred tax liability
when a single transaction generates taxable and deductible temporary differences at the same time. The adoption of the amendment did not
result in any impact in the Company&rsquo;s financial position nor in the income statement. However, the Company started presenting separately
both deferred tax asset and the deferred tax liability arising from decommissioning of assets, environmental obligations, and leasing
as presented in note 8(b).</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>Other recently issued or amended accounting
standards</B></P>

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



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Certain other new accounting
standards, amendments and interpretations have been published that are not mandatory for December 31, 2023, reporting periods or have
not materially impacted these financial statements. The Company did not early adopt any of these standards and does not expect them to
have a material impact in future reporting periods.</FONT></P>


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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">b) Principles of Consolidation</P>

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

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


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    <!-- Field: /Page -->

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Closing rate</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Average rate</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US Dollar (&quot;US$&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.8413</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.2177</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.5805</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.9954</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.1655</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.3956</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Canadian dollar (&quot;CAD&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.6522</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.8550</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.3882</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.7026</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.9705</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.3042</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Euro (&quot;EUR&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.3516</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.5694</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.3210</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.4023</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.4420</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.3784</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 7%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Note</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 93%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Significant estimates and judgments</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Streaming transactions</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred income taxes and uncertain tax positions</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>15</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Consolidation</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Mineral reserves and mines useful life</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment of non-current assets</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair values estimate</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to Brumadinho</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>26</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>27</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provision for de-characterization of dam structures and asset retirement obligations</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>28</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Litigation</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>29</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employee post-retirement obligation</FONT></TD></TR>
  </TABLE>
<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The material accounting policies applied in the preparation
of these financial statements have been included in the respective notes and are consistent in all years presented.</P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify">The Company intends to integrate sustainability
into its business through a comprehensive approach, based on systematic planning and execution, prioritizing risk and impact management
as well as establishing a social, economic and environmental legacy.</P>

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify">The investments announced by the Company&rsquo;s
and its strategy for sustainability initiatives were assessed in the context of the Company's critical accounting judgments and key estimates.
Future changes in this strategy or in the global scenario may affect the Company's main estimates and may result in material impacts on
the income statement and on assets and liabilities of the Company in future reporting periods.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 43%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-left: 1.7pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>Strategy</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 57%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-left: 0.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>Impact on Financial Statements</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Reduction of greenhouse gas (&ldquo;GHG&rdquo;) emissions by increasing the energy efficiency of processes and development of solutions based on the substitution of fossil energy sources with renewable or lower emission intensity alternatives</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 3.9pt 0 0.45pt">- Investing in subsidiaries, associates, and joint ventures</P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 3.9pt 0 0.45pt">- Expenses along the value chain to support decarbonization</P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 3.9pt 0 0.45pt">- Impairment of assets</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Investment in renewable energy sources to reduce GHG emisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.45pt">- Power Purchase Agreement (&ldquo;PPA&rdquo;)</P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.45pt">- Property, plant, and equipment</P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.45pt">- Expenses along the value chain to support decarbonization</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Limited use of high-integrity carbon credits to eventually meet the Scope 3 GHG emissions reduction target</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.45pt">- Intangible</P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.45pt">- Expense of carbon credit</P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.45pt">- Investing in subsidiaries, associates, and joint ventures</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Community safety</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0">- Liabilities related to Brumadinho</P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0">- Provision for de-characterization of dam structures and asset retirement obligations</P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0">- Liabilities related to associates and joint ventures</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Support for small suppliers</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">- Suppliers and contractors</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-left: 1.7pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Compensation programs aligned with Environmental, Social and Governance (&ldquo;ESG&rdquo;)
linked business strategy</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">- Employee benefits</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0 0 8pt 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify">The main actions taken or announced to date, which have
already resulted or will result in a direct impact on the Company's financial statements are described below. Other initiatives are detailed
in the Integrated Report, made available at the Company's website, which were not incorporated by reference.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.5pt solid"><B>Environmental
pillar</B></P>

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

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify; color: #007E7A"><B>Climate changes</B></P>

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify">In a global context where extreme climate events
are becoming more frequent and the average global temperature exceeds historical averages (according to the World Meteorological Organization
- WMO), the mapping of these risks and their effects, as well as mitigation actions, becomes crucial for analyzing the Company's strategies.
Similarly, governments and regulatory authorities are advancing and tightening their policies.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company intends to reduce greenhouse gas emissions from
its operations, in line with the Paris Agreement objective of limiting global warming to well below 2&deg;C (3.6 &deg;F). The Company's
strategy considers as main objectives:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">33% reduction in absolute Scope 1 and
2 emissions by 2030 (based on the emissions from the year 2017) and 100% of electricity consumption from renewable sources by 2030 globally;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Net zero Scope 1 and 2 emissions by 2050;
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">15% net reduction by 2035 of indirect
emissions in the value chain by 2035, aligned with the scenario of limiting global warming to 2&deg;C.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Decarbonization plan</B></P>

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0 0 0 7.1pt; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0; text-align: justify">The Company has a plan to meet the target for reducing
Scopes 1 and 2 and expects to invest an amount ranging from US$4 billion to US$6 billion by 2030 to develop low carbon solutions, such
as electrification, of the use of biofuels and the utilization of renewable energy. The current portfolio of initiatives encompasses
over 40 projects, prioritizing the most cost-competitive initiatives to meet the 2030 target.</P>
<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0; text-align: justify">To increase renewable energy sources, in November 2022,
the Company announced the operational start-up of the Sol do Cerrado solar project. In July 2023, the Company received the last authorization
needed from the National Electric Energy Agency (&quot;ANEEL&quot;) for the operation. As of December 31, 2023, the Property, plant, and
equipment of Sol do Cerrado was US$590 (R$3.000 million).</P>
<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0; text-align: justify">
<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0; text-align: justify">

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0; text-align: justify">The Company also has Power Purchase Agreements (&ldquo;PPAs&rdquo;)
with renewable energy suppliers, reducing its Scope 2 emissions. These supply contracts were entered into and continue to be held to own
use and, therefore, it falls outside the scope of IFRS 9 - Financial Instruments. The PPAs are accounted for as executory contracts and
the expenses are recorded as incurred.</P>

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0; text-align: justify">Additionally, Vale has assessed its decarbonization goals
considering the criteria for provision in accordance with IAS 37 - Provisions, Contingent Liabilities, and Contingent Assets and it did
not record any provision since these commitments are not deemed a legal nor constructive obligation.</P>

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

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>Carbon pricing</B></P>

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0; text-align: justify">All investment decisions are subjected to analysis, considering
the internal carbon price per ton of CO2 equivalent. Vale adopts an internal price of US$50/tCO2e, established in accordance with the
Carbon Pricing Leadership Coalition (&quot;CPLC&quot;). The internal carbon price is used in the decision-making process for resource
allocation in the Company's current and capital projects.</P>

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0; text-align: justify">Incorporating a cost for GHG in the feasibility analysis
provides a clear demonstration of how these emissions can influence the evaluation of a project during the decision-making process. By
assigning a direct financial consequence to emissions, portfolio projects can be assessed more holistically, considering the environmental
impact alongside more traditional financial metrics. This practice, in addition to promoting investments in GHG reduction, also positions
the Company for a scenario with more stringent regulations.</P>

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0; text-align: justify">Aiming to incentivize the voluntary carbon market, Vale
and the Algar Group signed an agreement for the purchase of high-integrity forest carbon credits until 2030. The agreement stipulated
Vale's purchase of approximately 133.000 credits, equivalent to the protection of approximately 50.000 hectares of forest this year. Each
carbon credit corresponds to one metric ton of carbon dioxide equivalent that was not emitted into the atmosphere, in the case of this
forest protection project.</P>

<P STYLE="font: 10pt/106% Vale Sans,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">For each transaction, Vale assesses the business model concerning
carbon credits for subsequent classification, recognition, and measurement of its asset. Carbon credits will be recorded as intangible
assets and measured at cost in accordance with IAS 38 &ndash; Intangible assets. Carbon credits acquired for resale will be recorded as
inventories and measured at fair value less costs to sell according to IAS 2 - Inventories. The Company also analyses whether there are
embedded derivatives in the sale and purchase contracts of carbon credits as required by IFRS 9 &ndash; Financial Instruments. For the
year ended December 31, 2023, the Company recorded expenses of US$4 in relation to carbon credits.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Impact of transition risks related to climate
changes on asset carrying values</B></P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">During the development of its strategic plan, the Company assesses
scenarios related to climate change and establishes the baseline to guide its business positioning, as well as to test resilience against
other exploratory scenarios. The Company's approach to climate change is shaped by an analysis of global megatrends through a scenario-building
tool. These scenarios not only provide insights into the future of mining but also influence commodity price forecasts, capital allocation,
portfolio decisions, business strategies, and can be associated with the increase in global temperature.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In this context, the Company observes the persistence of the
typical cycles in the mining industry over the coming decades, driven by an energy transition that unfolds asynchronously and unevenly
across different sectors and regions. Vale conducted an analysis of the resilience of its product portfolio in the face of climate change
scenarios, based on the International Energy Agency's scenarios.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The potential financial impacts on the Company of climate change
and the transition to a low carbon economy have been considered in the assessment of the Company&rsquo;s critical accounting estimates,
which includes indicators of impairment, such as demand for the Company&rsquo;s commodities decreasing, due to policy, regulatory (including
carbon pricing mechanisms), legal, technological, market or reputational responses to climate change.</P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The impairment test undertaken by the Company for these financial
statements did not result in any asset impairment due to this matter. However, given the complexity of modeling, identification of additional
risks, and the planning and execution of actions in response to identified risks, transition risks may result in material impacts on the
Company's financial statements in future reporting periods.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Physical risk impacts related to climate
changes on asset carrying values </B></P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company's operations are exposed to events related to climate
change. Therefore, the Company assessed the potential impacts of physical risks related to climate change on the models used for the impairment
testing of the assets, such as operational disruptions caused by increased frequency or severity of extreme weather events, and those
related to chronic risks resulting from longer-term changes in climate patterns.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company did not identify any impairment indicators for
assets in these financial statements due to the physical risks considered in the assessment. However, given the complexity of physical
risk modeling and the ongoing nature of the Company's physical risk assessment process, the identification of additional risks or detailed
development of the response to identified risks may result in material impacts on the Company's financial statements in future reporting
periods.</P>

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

<P STYLE="border-bottom: #BFBFBF 0.5pt solid; font: 10pt Vale Sans,sans-serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left; background-color: #F2F2F2; color: #007E7A"><B>Social
pillar</B></P>

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

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt 14.2pt; text-align: justify; text-indent: -14.2pt; color: #007E7A"><B>Sustainable
mining</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In March 2023, the Company started operations
at the Gelado Project, which will produce pellet feed from the reutilization of tailings dam deposited at the site for almost four decades.
As of December 31, 2023, the Company invested US$50 (2022: US$65) in capital investment in the Gelado Project to make the value chain
increasingly sustainable. Due to the high quality of the pellets manufactured on-site, our steelmaking customers can reduce their carbon
emissions compared to using lower-quality products.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In June 2022, the Company announced the creation of an operation of Corporate Venture Capital
(&ldquo;Vale Ventures&rdquo;), the objective is to invest approximately US$100 in sustainable mining initiatives. The Company's objective
is to acquire minority stakes in startups that are focused on decarbonization initiatives within the mining value chain, zero waste mining,
energy transition metals and other technologies.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify">In 2023, Vale Ventures invested US$19 in the acquisition
of minority stakes. Among these investments are the transformative biology startup Allonia, LLC (&quot;Allonia&quot;) and the Boston Electrometallurgical
Company (&quot;Boston Metal&quot;), whose objective is developing technology focused on steel decarbonization.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify">Also in 2023, Vale Ventures invested US$3 in venture capital funds, represented by Evok Fund
II Limited Partnership (&ldquo;Evok Innovations&rdquo;) and Cathay Innovation Global Fund III (&ldquo;Cathay Innovation&rdquo;).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">The Company performs the filtration of
tailings with its treatment for solid-state stacking, reducing or eliminating disposal in tailings dams. Tailings filtration plants began
to be installed by Vale in 2019, with investments in dry stacking and processing systems totaling US$ 144 in 2023 (2022: US$305).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">The implementation and execution of future
use projects, after the decommissioning, is not required by law. However, the Company has been studying a governance to assess the future
use, considering its aptitudes, post-operational usage intention, socio-economic development of the community and the characteristics
of the physical and biotic environments in which Vale operates. Any future commitments, if assumed by Vale, may result in material impact
on the amount of the asset retirement obligation provision.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.15pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In October 2022, the Company established
the company Co-log Log&iacute;stica de Coprodutos S.A (&quot;Agera&quot;) to develop and expand the Sustainable Sand business. Agera receives
sand produced from the treatment of tailings generated by Vale's iron ore operations and promotes its commercialization and distribution.
The new company also invests in research and development of new solutions for the product. The Company disbursed US$1 in 2023, which is
recorded as research and development expenses.</FONT></TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Vale Sans,sans-serif; margin-top: 0; margin-bottom: 10pt; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><B>Communities</B></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In 2023, the Company entered into a Cooperation
and Commitment Agreement with the Krenak indigenous community to support initiatives focused on ethnodevelopment and education. In 2023,
the Company disbursed US$5, and these expenditures were directly recognized in the financial results as other operating expenses.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In 2023, Vale continued the implementation of the Environmental Basic Plan with the
indigenous communities Tupiniquim and Guarani, which includes initiatives for institutional and cultural strengthening, ethnodevelopment,
and management. Examples include conducting project management courses, entrepreneurship workshops, biofertilizer production, coffee cultivation,
tourism management, among other actions. In 2023, the Company disbursed US$2, and these expenditures were directly recognized in the financial
results as other operating expenses. Future expenses will be recorded in the period in which they occur.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Three indigenous communities neighboring Vale's operations in have signed agreements
for the development of their consultation protocols, or territorial and environmental management plans, or life plans: Kayap&oacute; in
Par&aacute;, Ka&rsquo;apor, and Guajajara from the Caru Indigenous Land in Maranh&atilde;o, in line with the Company's Social Ambition.
The Company disbursed US$7 in 2023, and these expenditures were directly recognized in the financial results as other operating expenses.
Future expenses will be recorded in the period in which they occur.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">To contribute with its suppliers&rsquo;
development, the Company has created a website with financial institutions aiming to enable small and medium suppliers to anticipate their
receivables with better interest rates. As of December 31, 2023, the outstanding balances related to these suppliers were US$ 221 (2022:
US$202).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.5pt solid"><B>Governance
pillar</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The Company intends to align compensation programs with the business strategy and
to the objective of making Vale a safer company. Since 2020, the Company has been following new standards for executive compensation.
For short-term compensation, at least 30% of performance targets are driven by ESG metrics and directly related to safety, risk management
and sustainability goals, and for long-term compensation target is at least 25% of targets performance should be based on ESG metrics
and health and safety (note 29).</P>

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><A NAME="a_010"></A><B>3. Significant events and transactions
related to 2023 financial statements</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Acquisition of equity interest in Anglo American Min&eacute;rio de Ferro Brasil S.A. (&ldquo;Anglo American Brasil&rdquo;) - </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In February 2024 (subsequent event), the Company entered into an agreement for
the acquisition of 15% interest in Anglo American Brasil of which Vale will contribute with Serra da Serpentina iron ore resources and
a cash contribution of US$157.5. The closing of the transaction is subject to the usual conditions precedent and is expected to occur
in 2024. Further details are presented in note 16(a) of these financial statements.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Shareholders remuneration - </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">During 2023, the Company paid dividends and interest on capital to its shareholders in the amount of US$5,513 (R$27,759 million). On February
22, 2024 (subsequent event), the Board of Directors approved remuneration to its shareholders in the amount of US$2,364 (R$11,722 million).
The total amount was approved as dividends and recorded in equity as &ldquo;Additional remuneration reserve&rdquo;. The payment is expected
in March 2024. Further details are presented in note 30(e) of these financial statements.</FONT></TD></TR></TABLE>

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





<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Provision related to the Samarco dam failure - </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In December 2023, the Company reviewed its estimates of outflows to resolve
all aspects of the reparation and compensation of the Samarco dam failure. As a result, the Company recognized an addition to the provision
in the amount of US$1,200, recorded in the income statement as &ldquo;Equity results and other results in associates and joint ventures&rdquo;.
Further details are presented in note 26(c) of these financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 28.35pt; text-align: justify">&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%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>


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


<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Divestment of PT Vale
Indonesia Tbk (&ldquo;PTVI&rdquo;) - </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"> In November 2023, the Company signed a Heads of Agreement with PT Mineral Industri
Indonesia (&quot;MIND ID&quot;) and Sumitomo Metal Mining Co., Ltd. (&quot;SMM&quot;) regarding the divestment obligation in PTVI, with
completion expected in 2024 and subject to usual conditions precedent.
</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 28.35pt; text-align: justify">With the completion of the transaction, Vale will
lose control over PTVI and it will account the investment through the equity method. Therefore, the carrying amount of this subsidiary
is presented in these financial statements as &ldquo;held for sale&rdquo;. Further details are presented in note 16(b) of these financial
statements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Streaming transactions
- </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In November 2023, the first phase of the Salobo III expansion
project was completed and Vale received US$370 from Wheaton Precious Metals Corp (&ldquo;Wheaton&rdquo;). If Salobo's production reaches
a processing capacity exceeding 35 million tons of copper per year by January 1, 2031, Vale will receive an additional amount estimated
between US$50 million and US$160 million, depending on the year such processing capacity is achieved. In addition, Wheaton will be required
to make annual payments between US$5.1 and US$8.5 from 2024 to 2034, as long as the Salobo complex continues to produce within certain
copper grades. Further details are provided in note 7 of these financial statements.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Share buyback program
- </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In October 2023, the Board of Directors approved a new common
shares buyback program, over 18 months, limited to a maximum of 150 million common shares or their respective ADRs, that aims to continue
the previous share buyback program. During 2023, the Company repurchased 184,697,102 common shares or their respective ADRs, corresponding
to the total amount of US$2,714. Further details are presented in note 30(c) of these financial statements.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 12pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Strategic partnership
on the Energy Transition Metals business - </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In July 2023, the
Company separately signed two agreements, one with Manara Minerals and the other with Engine No. 1, for the sale of a combined 13% equity
interest in Vale Base Metals Limited, for the aggregated amount of US$3.4 billion. These agreements shall be accounted for as an equity
transaction with any result being recognized in shareholder&rsquo;s equity upon closing of the transaction. Further details are presented
in note 16(c) of these financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Notes offering and
bond tender offers - </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In June 2023, Vale issued notes of US$1,500,
maturing in 2033. Of this amount, Vale redeemed notes in the total amount of US$500, maturing in 2026, 2036 and 2039. As a result, Vale
paid a premium of US$22, recorded in the income statement and presented as &ldquo;Bond premium repurchase&rdquo; in note 6 &ndash; Financial
results. Further details are presented in note 10(c) of these financial statements.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Reversal of deferred
income tax related to the Renova Foundation - </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In May 2023,
the Company has entered, together with BHP Billiton Brasil Ltda. (&ldquo;BHPB&rdquo;), Samarco Minera&ccedil;&atilde;o S.A. (&ldquo;Samarco&rdquo;)
and certain creditors of Samarco, into a binding agreement to setting the parameters of Samarco&rsquo;s debt restructuring that was implemented
through a consensual restructuring plan. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 28.35pt; text-align: justify">Under the agreement, contributions made, from May
2023, by Vale and BHPB to the Renova Foundation will be converted into capital contributions to Samarco, which is primarily responsible
for payments to the Foundation. Therefore, following the change in the procedure to provide these contributions, Vale will no longer deduct
these cash outflows from its income tax computation, resulting in the reversal of the deferred tax asset in the amount of US$1,078, recorded
in the income statement as &ldquo;Income taxes&rdquo;. Further details are presented in note 26(e) of these financial statements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Sale of Companhia
Sider&uacute;rgica do Pec&eacute;m (&ldquo;CSP&rdquo;) - </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In
March 2023, the Company completed the sale of its interest in CSP to ArcelorMittal Brasil S.A. The transaction has resulted in a net cash
outflow for the Company in the amount of US$67 and the reversal of the liability recorded in relation to the financial guarantee granted
to CSP. Therefore, the completion of the transaction resulted in a gain of US$31, recorded as &quot;Equity results and other results in
associates and joint ventures&quot;. Further details are provided in note 16(f) of these financial statements.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_011"></A>4. Information by business segment and geographic
area</B></P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s adjusted EBITDA is calculated based on
the operating income or loss (i) increased by dividends received and interest from associates and joint ventures; excluding (ii) depreciation,
depletion, and amortization; and (iii) impairment reversal (impairment) and results on disposal of non-current assets.</P>




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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Due to the reorganization of assets and the governance established
by the Company for the Energy Transition Metals segment (notes 15 and 16), the Company is reviewing the items currently included in the
EBITDA under &quot;Other&quot;, especially the expenditures related to general and administrative expenses, research and development,
and the results from associates and joint ventures. As a result, starting from 2024, the Company will reclassify some of these items currently
classified under &quot;Other&quot; to Iron Ore Solutions and Energy Transition Metals segments.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In 2022, the Company allocated the financial information of
the Midwestern System to &ldquo;Other&rdquo; as this operation was no longer analyzed by the chief operating decision maker as part of
the performance of the Iron Ore Solutions business segment due to the binding agreement to sell this operation (note 16g). The comparative
information was reclassified to reflect the revision in the allocation criteria.</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%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 18%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>Segment</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; width: 82%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>Main activities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Iron
    Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Comprise the extraction and production of iron ore, iron ore pellets, other ferrous products, and its logistic related services.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Includes the extraction and production of nickel and its by-products (gold, silver, cobalt, precious metals and others), and copper, as well as its by-products (gold and silver).</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Coal (discontinued operation)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Comprise the extraction and production of metallurgical and thermal coal and its logistic related services.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Includes the revenue and cost of other products, services, research and development, investments in joint ventures and associates of other business and corporate expenses unallocated to the reportable segments, as well as the financial information related to Midwestern system and costs related to the Brumadinho event.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; width: 44%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron ore (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14,888</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15,670</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26,471</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron ore pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,122</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,653</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,873</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other ferrous products and services</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">117</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">120</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">136</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,127</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>19,443</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>31,480</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">851</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,924</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,576</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">569</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,617</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,951</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,493</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,193</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other (ii) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,117)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,176)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,330)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Adjusted EBITDA from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,961</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>19,760</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>31,343</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,070)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,171)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,034)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment reversal (impairment) and results on disposal of non-current assets, net and other (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16 and 19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(482)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">773</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(426)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends received and interest from associates and joint ventures (iii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(204)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(154)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(190)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,205</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,208</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>27,693</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,108)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">305</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,271)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial results </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,946)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,268</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,119</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,151</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>19,781</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>29,541</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Includes the reclassification of the EBITDA of Midwestern
System from the Iron Ore Solutions segment to &ldquo;Other&rdquo; in the amounts of US$77 and US$109 for the years ended December 31,
2022 and December 31, 2021, respectively.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) Includes adjustments of US$216 for the year ended December
31, 2023, to reflect the performance of the streaming transactions at market prices.<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(iii) In 2022, the Company received US$65 in dividends from
California Steel Industries related to the sale transaction of this investment, which was treated as part of the result of the transaction
(note 16h) and, therefore, this amount was not included in the adjusted EBITDA.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Adjusted EBITDA from discontinued operations (coal)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>171</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(189)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(69)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment and results on disposals of non-current assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(589)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,282)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends received and interest from associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(78)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Operating loss</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(l)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(418)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,618)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(26)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial results </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,065</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">447</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derecognition of noncontrolling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(585)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income (loss) before income taxes from discontinued operations (coal)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(l)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,062</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,197)</B></FONT></TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron
    Ore Solutions</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 39%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore pellets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other ferrous products and services</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nickel and other products</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20,641</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">642</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">292</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21,577</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,356</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">279</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">583</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,219</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,111</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">407</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">513</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">267</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,308</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,370</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,684</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">502</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">136</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,755</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">262</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,361</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,623</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">398</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">456</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">897</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">244</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">458</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">592</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,351</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,037</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">374</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,082</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,184</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,677</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,342</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,377</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>27,760</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,803</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>516</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,193</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,376</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>136</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>41,784</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron
    Ore Solutions</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 39%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore pellets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other ferrous products and services</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nickel and other products</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20,545</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,538</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22,203</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,557</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">208</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">765</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,535</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,028</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">393</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">484</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">154</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,119</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,305</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,997</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">447</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">328</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,137</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">218</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,425</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,643</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">472</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">597</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">125</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,199</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">357</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">597</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">551</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,521</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,396</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">317</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,126</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">997</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,836</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,594</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,646</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>28,188</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,256</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>472</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,619</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,779</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>525</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>43,839</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Ore Solutions</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 39%; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore (i)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore pellets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other ferrous products and services</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nickel and other products</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27,296</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">159</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">904</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">189</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28,603</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,489</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">488</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">514</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,523</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,998</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">515</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">592</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">373</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,501</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,778</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,417</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">425</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">489</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,164</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">369</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,151</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,543</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">725</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">362</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">122</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,283</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">558</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">657</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">759</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,034</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,175</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">194</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,126</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,197</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,696</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,138</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,155</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>38,324</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,053</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>548</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,376</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,590</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>611</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>54,502</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Includes the reclassification of the revenues of Midwestern
System from the Iron Ore Solutions segment to &ldquo;Other&rdquo; in the amounts of US$231 and US$377 for the years ended December 31,
2022 and December 31, 2021, respectively.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The revenue from a single customer from the Iron Ore Solutions
segment amounted to US$4,239, individually representing 10% of the Company's total revenue for the year ended December 31, 2023. In 2022
and 2021, no customer individually represented 10% or more of the Company's revenue.</P>

<!-- Field: Page; Sequence: 24 -->
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    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; width: 29%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron
    Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron
    Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,349</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">523</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,872</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,296</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">502</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,798</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Property, plant and equipment and intangibles</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">38,376</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18,341</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,310</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>60,027</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33,048</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19,655</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,473</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>55,176</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Capital expenditures</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Sustaining capital (i)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,539</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,610</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">120</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,269</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,236</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,521</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">102</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,859</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Project execution</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,219</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">358</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,651</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">866</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">338</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">383</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,587</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,758</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,968</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>194</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,920</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,102</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,859</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>485</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,446</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 28%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Intangible</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Intangible</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,872</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,822</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33,769</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>45,463</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,798</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8,391</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28,210</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>38,399</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,808</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,890</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,698</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,845</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,178</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Americas, except Brazil and Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Indonesia (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>59</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,731</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,732</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>20</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asia, except Indonesia and China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">731</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>731</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">786</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>786</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Europe</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">678</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>678</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">747</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>747</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Oman</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,251</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,251</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,263</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,263</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,872</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,631</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>48,396</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>61,899</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,798</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,238</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44,938</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>56,974</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">(i) The reduction refers substantially to the reclassification of PTVI's assets presented
in these financial statements as &ldquo;held for sale&rdquo; in accordance with IFRS 5 &ndash; <I>Non-current Assets Held for Sale and
Discontinued Operations</I>.</P>

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

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

<DIV STYLE="padding: 1pt 0in; border-top: #A6A6A6 0.5pt solid; border-bottom: #A6A6A6 0.5pt solid">

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Revenue
from sales -</B></FONT> Revenue from sales is recognized when control of a good or service is transferred to a customer. Given the diverse
shipping terms associated with Vale's sales, revenue may be recognized at various stages: (i) when the product is available at the loading
port, (ii) upon loading onto the ship, (iii) at the port of discharge, or (iv) at the customer's warehouse.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">A substantial portion of Vale's
sales operates under Cost and Freight (&quot;CFR&quot;) and Cost, Insurance, and Freight (&quot;CIF&quot;) Incoterms. In these instances,
where the Company provides shipping services after the transfer of control, such services are treated as a distinct performance obligation.
A portion of the transaction price is allocated and recognized over time as the shipping services are rendered.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Typically, contract payment terms
involve upfront payments or the utilization of letters of credit. These terms generally do not have a significant financing component.
Occasionally, sale prices are provisionally set at the sale date, with subsequent adjustments based on market fluctuations or contractual
terms until the final pricing date.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Revenue recognition is based on
the estimated fair value of the total consideration receivable. The provisional pricing mechanism embedded in these sales arrangements
is deemed to have the characteristics of a derivative. Consequently, the fair value of the final sale price adjustment is continuously
reassessed, and any changes are recognized as operational revenue in the income statement.</P>

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

</DIV>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><A NAME="a_012"></A><B>5. Costs and expenses by nature</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>a) Cost of goods sold, and services rendered</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 18%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 18%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 18%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Freight (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,251</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,738</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,575</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Services</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,131</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,614</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,878</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Personnel</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,931</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,684</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,522</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,916</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,049</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,857</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Materials</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,731</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,256</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,022</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquisition of products</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,254</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,566</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,277</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fuel oil and gas</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,626</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,630</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,011</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Royalties </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,286</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,268</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,370</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">781</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">719</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">639</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,182</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,504</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,578</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>24,089</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>24,028</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>21,729</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The reduction in freight costs in 2023 was mainly due to
the decrease of the price of bunker fuel, which is included in the freight price.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Mineral Resources Inspection
Fare (&quot;TFRM&quot;) &ndash;</B></FONT> Certain Brazilian states, including the Brazilian States of Minas Gerais, Par&aacute; and Maranh&atilde;o,
impose the TFRM, a fee calculated based on mineral production.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In 2021, through an administrative decree, the State of Par&aacute;
increased the TFRM rate from one fiscal unit of US$0.39 (R$2.11) to three fiscal units of US$2.07 (R$11.19) per metric ton, updated annually
and with immediate requirement. However, the Company did not adopt the new rate in 2021, based on the Principle of Anteriority, which
establishes that the rate increase would become due from the year following the publication of the decree.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In 2022, the Company joined the &ldquo;<I>Programa Estrutura
Par&aacute;</I>&rdquo;, which aims to promote infrastructure investments in the State of Par&aacute; and adopted the rate of three fiscal
units prospectively. The program also establishes the conversion of 50% of TFRM payments into the execution of works of constructed assets
will be delivered to society and, therefore, will not be owned by the Company. In 2023, the Company disbursed US$451 related to TFRM (2022:
US$459).</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 18%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 18%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 18%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Personnel</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">243</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">230</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">217</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Services</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">154</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">142</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">124</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">42</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Advertisement</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">83</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">80</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">71</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>553</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>515</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>481</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 43%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expenses related to Brumadinho event</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">930</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,079</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">851</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expenses related to de-characterization of dams</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">153</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,725</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asset decommissioning obligations </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">121</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provision for litigations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">229</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">153</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">98</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Profit sharing program</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">147</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">131</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">126</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disposals of materials and inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">COVID-19 expenses </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">218</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,498</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,722</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,976</B></FONT></TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><A NAME="a_013"></A><B>6. Financial results</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 40%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial income</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">309</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">440</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">226</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">123</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">80</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">111</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>432</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>520</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>337</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings gross interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10(c)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(744)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(612)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(671)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10(d)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on REFIS</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(148)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(152)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(54)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on lease liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(62)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(64)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Bond premium repurchase</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10(c)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(113)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on accounts payable</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(203)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(51)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(45)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(299)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(234)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(412)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,459)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,179)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,249)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Foreign exchange and indexation gains (losses), net </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,643)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(975)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">132</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participative shareholders' debentures (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(179)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">659</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(716)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial guarantees (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">481</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">312</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments, net</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">903</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,154</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(23)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Reclassification of cumulative translation adjustments to the income statement </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(a)
    and 16</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,608</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,326</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(919)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,927</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,031</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,946)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,268</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,119</B></FONT></TD></TR>
  </TABLE>

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

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

<DIV STYLE="margin-right: -1.2pt; margin-left: 0in; padding: 1pt 0in 0in; border-top: #A6A6A6 0.5pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Accounting policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

</DIV>

<DIV STYLE="background-color: rgb(242,242,242); padding: 0in 0in 1pt; border-bottom: rgb(166,166,166) 0.5pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">Transactions in foreign currencies
are translated into the functional currency using the exchange rate effective on the date of the transaction. The foreign exchange gains
and losses resulting from the translation at the exchange rates prevailing at the end of the year are recognized in the income statement
as &ldquo;financial income or expense&rdquo;. The exceptions are transactions related to qualifying net investment hedges, cash flow hedge
or items that are attributable to the net investment in a foreign operation, for which gains, and losses are recognized as a component
of other comprehensive income.<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">The
accounting policies related to the other items of the financial result are shown in the notes, &ldquo;15. Investments in associates and
joint ventures&rdquo;, &ldquo;22. Participative shareholders&rsquo; debentures&rdquo;, &ldquo;23. Loans, borrowing, cash and cash equivalents
and short-term investments&rdquo; and &ldquo;24. Leases&rdquo;.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">

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

</DIV>

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


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><A NAME="a_014"></A><B>7. Streaming transactions</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>a) Statement of Financial Position</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; width: 28%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gold streaming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,521</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,589</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,184</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,237</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cobalt streaming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">441</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>463</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">428</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>456</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total contract liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>90</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,962</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,052</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>81</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,612</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,693</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #00807A"><B>b) Effects on the income statement</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 16%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 16%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 16%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cobalt streaming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gold streaming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">134</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Fixed revenue - Contract liabilities realized</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>148</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>86</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>98</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cobalt streaming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gold streaming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">93</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Variable revenue - Additional payments received</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>96</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>85</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>94</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 21.3pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; border-bottom: #A6A6A6 0.5pt solid; background-color: #F2F2F2; color: teal"><B>Gold
streaming </B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Vale have sold to Wheaton Precious Metals Corp. (&ldquo;Wheaton&rdquo;)
an aggregate of (i) 75% of the by-product gold contained in concentrate from our Salobo copper mine, in Brazil, for the life of mine,
and (ii) 70% of the by-product gold from our Sudbury nickel mines, in Canada, for 20 years. Regarding these streaming transactions:</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Vale received upfront payments of (i) US$1.9 billion
in 2013, (ii) US$900 in 2015 and (iii) US$800 in 2016. Vale also receives ongoing payments of the lesser of US$400 per ounce and the
prevailing market price, for each ounce of gold that the Company deliver under the agreement.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">As per the Salobo gold by-product stream purchase agreement,
Vale was entitled to receive an additional cash payment if the Company expanded its capacity to process Salobo copper ores to more than
28 Mtpy before 2036. In March 2023, Vale agreed with Wheaton to amend this agreement to adjust the additional cash payment terms. These
conditions are linked to the &ldquo;Salobo III&rdquo; project, which is the brownfield expansion of Salobo through the increase in copper
processing capacity.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">In November 2023, the first phase of the Salobo III
expansion project was completed and Vale received US$370, which was recorded in the streaming liability. If Salobo's production reaches
a processing capacity exceeding 35 million tons of copper per year by January 1, 2031, Vale will receive an additional amount estimated
between US$50 and US$160, depending on the year such processing capacity is achieved. In addition, Wheaton will be required to make annual
payments between US$5.1 and US$8.5 from 2024 to 2034, as long as the Salobo complex continues to produce within certain copper grades.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: teal"><B>Cobalt
streaming</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">In June 2018, Vale sold to Wheaton and Cobalt 27 Capital
Corp. (&ldquo;Cobalt 27&rdquo;) a combined 75% of the cobalt produced as a by-product at its Voisey&rsquo;s Bay mine from January 1, 2021,
for the amount of US$690. Vale also receives additional payments of 20%, in average, of cobalt prices upon delivery. In February 2021,
the stream originally sold to Cobalt 27 was assigned to Anglo Pacific Group.</P>

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


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<DIV STYLE="border-top: #A6A6A6 0.5pt solid; padding-top: 1pt; border-bottom: #A6A6A6 0.5pt solid; padding-bottom: 1pt">

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

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

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

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

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

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

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

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

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

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

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

</DIV>

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

<DIV STYLE="padding: 1pt; border: gray 1pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>Critical accounting
estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">Defining the result on sale of mineral
interest and the contractual liabilities portion of the streaming transaction it is required the use of critical accounting estimates
including, but not limited to: (i) allocation of costs between the product and the by-product based on relative prices; (ii) expected
margin for the independent components (sale of mineral rights and service for gold and cobalt extraction); and (iii) discount rates used
to measure the present value of future inflows and outflows.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

</DIV>

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

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_015"></A>8. Taxes</B></P>

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

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

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,151</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>19,781</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>29,541</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes at statutory rate (34%)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,791)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(6,726)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(10,044)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Adjustments that affect the taxes basis:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tax incentives</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,071</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,247</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,826</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income tax benefit from interest on capital</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">789</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">556</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">260</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">88</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">167</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Addition of tax loss carryforward</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">409</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">899</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">663</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Reclassification of cumulative adjustments to the income statement</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">547</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,471</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Reversal of deferred income tax related to Renova Foundation </FONT></TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26(e)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,078)</FONT></TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26(c)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(404)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other </FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(130)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">422</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(40)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,046)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,971)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,697)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current tax</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,375)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,020)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,663)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred tax</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,671)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(951)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">966</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,046)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,971)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,697)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Deferred tax assets&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;Deferred tax liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Teal 1pt solid; vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Taxes losses carryforward</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,704</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,908</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Temporary differences:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Asset retirement obligations and other liabilities (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,165</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,875</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(807)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(714)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Fair value of financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">735</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">839</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Employee post-retirement obligation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">478</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">411</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Provision for litigation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">306</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">364</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Fair value of property, plant and equipment in business combination</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,034)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,205)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Goodwill amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(575)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(518)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">723</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">397</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,111</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,794</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,416)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,437)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial position</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,565</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,770</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(870)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,413)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Following the adoption of the amendment to IAS 12 &ndash;
Deferred Taxes related to Assets and Liabilities Arising from a Single Transaction, the Company started disclosing separately the deferred
tax assets and deferred tax liabilities arising from the decommissioning of assets, environmental obligations, and leases, which resulted
in an increase of US$807 in deferred tax assets and deferred tax liabilities. Comparative information was restated to reflect the effects
of the adoption, resulting in an increase of US$714 in deferred tax assets and deferred tax liabilities. Therefore, there has been no
impact on the deferred tax balances recorded in the Company's financial statements.</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 61%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Deferred taxes, net</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,441</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,881</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,560</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Taxes losses carryforward</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(68)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(68)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provision for asset retirement obligations and other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(488)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">114</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(602)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(634)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(634)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Allocated goodwill</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(607)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">607</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(254)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(254)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Effect in income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,444)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(493)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(951)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employee post-retirement obligation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(116)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(116)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">73</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">73</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other comprehensive income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(43)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(43)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer between assets and liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">130</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">130</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">686</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(77)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">763</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Sale of California Steel Industries </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,413</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,357</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Taxes losses carryforward</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(609)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(609)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provision for asset retirement obligations and other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,123)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">86</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,209)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(168)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(168)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Allocated goodwill</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(64)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">64</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">251</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">251</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Effect in income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,649)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,671)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employee post-retirement obligation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other comprehensive income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>66</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>66</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer between assets and liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(371)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(371)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">749</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">730</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer to asset to held for sale</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(213)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,565</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>870</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,482</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">c) Tax
incentives</P>

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



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In Brazil, the Company has tax incentives to partially reduce
the income tax generated by the operations conducted in the North region that includes iron ore, copper, and nickel. The incentive is
calculated based on the taxable income of the incentive activity (tax operating income) and considers the allocation of tax operating
income into different incentives applicable to different tranches of production during specified periods for each product, usually 10
years. In addition to these incentives, the income tax payable can be reduced by investing in the acquisition of new machinery and equipment,
subject to subsequent approval by the Superintendence for the Development of the Amazon (&ldquo;SUDAM&rdquo;).</P>

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


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s tax incentives will mostly expire in 2024
and the last tax incentive is expiring in 2027. The effects on the income statement are presented as &ldquo;tax incentives&rdquo; in note
8(a).</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: bold 10pt Vale Sans,sans-serif; color: #007E7A; margin-top: 0pt; margin-bottom: 6pt; text-align: left">d)
Income taxes - Settlement program (&ldquo;REFIS&rdquo;)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 57%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liabilities </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">428</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">371</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,723</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,869</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>REFIS liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,151</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,240</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>SELIC rate</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11.75%</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>13.75%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The balance mainly relates to the settlement program of claims
regarding the collection of income tax and social contribution on equity gains of foreign subsidiaries and affiliates from 2003 to 2012.
This amount bears SELIC interest rate (Special System for Settlement and Custody) and will be paid in monthly installments until October
2028 and the impact of the SELIC over the liability is recorded under the Company&rsquo;s financial results (note 6).</P>

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The amount under discussion with the tax authorities is US$5,408
as of December 31, 2023 (2022: US$4,223), which includes the reduction of tax losses in the amount of US$754 as of December 31, 2023 (2022:
US$564), if the tax authority does not accept the tax treatment adopted by the Company in relation to these matters.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 42%; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Assessed (i)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Not in dispute (ii)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Assessed (i)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Not in dispute (ii)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>UTPs not recorded on statement of financial position (iii)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer pricing over the exportation of ores to a foreign subsidiary</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,144</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,010</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,154</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,190</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,592</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,782</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expenses of interest on capital </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,511</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,511</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,288</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,288</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeding related to income tax paid abroad </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">512</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>512</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">439</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>439</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Goodwill amortization </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">606</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">190</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>796</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">578</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">223</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>801</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments to Renova Foundation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">167</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">536</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>703</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">530</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>559</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">468</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>468</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">699</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>699</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,408</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,736</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,144</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,223</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,345</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,568</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>UTPs recorded on statement of financial position</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deduction of CSLL in Brazil</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">183</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>183</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">155</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>155</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>183</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>183</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>155</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>155</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Includes the tax effects arising from the reduction of the
tax losses and negative basis of the CSLL without fines and interest.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) Includes the principal, without fines and interest.</P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Transfer pricing calculation
over the exportation of ores to a foreign subsidiary - </B></FONT>The Company was assessed for the IRPJ and CSLL, for the years of 2015
and 2018 since the tax agent has disregarded the intermediation cost and other adjustments used in the calculation of the transfer pricing
over the exportation of iron ore, pellets, manganese, and copper to its foreign controlled company. The Company is challenging these
assessments at the administrative level and a decision is pending.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"></P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The total amount in dispute is US$1,630 as of December 31,
2023 (2022: US$829), excluding the corresponding tax impact without fines and interests of US$514 as of December 31, 2023 (2022: US$361),
totaling US$2,144 (2022: US$1,190). The amount involved for the fiscal years of 2019 to 2023, which are not in dispute, is US$3,010 as
of December 31, 2023 (2022: US$2,592).</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Expenses of interest on equity
capital (&ldquo;JCP&rdquo;) - </B></FONT>Vale received assessments for the collection of IRPJ, CSLL and fines, on the grounds that the
deduction of JCP was improper, referring to the base years of 2017 and 2018, due to failure to comply with the accrual basis and absence
of individualized accounting credit per shareholder. The amount under discussion is US$1,367 as of December 31, 2023 (2022: US$1,154),
excluding the corresponding tax impact without fines and interests of US$144 as of December 31, 2023 (2022: US$134), totaling US$1,511
(2022: US$1,288). The Company presented administrative defenses for these assessments and is awaiting a decision.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Proceeding related to income tax
paid abroad - </B></FONT>Vale received a tax assessment for the collection of US$512 (2022: US$439) due to the disregard of taxes paid
abroad that were offset by the IRPJ debt in 2016. Tax authorities allege the Company has failed to comply with the applicable rules relating
to the offset, in Brazil, of income taxes paid abroad. The Company had filed an administrative appeal, and a decision is pending.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Goodwill amortization - </B></FONT>The
Company received tax assessments for the collection of IRPJ and CSLL for the periods between 2013 and 2019, due to the disregard of the
deduction of goodwill amortization expenses recorded in the acquisition of controlled companies, after its merger by the Company.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is discussing the charges at the administrative
level and the amount under discussion is US$540 as of December 31, 2023 (2022: US$517), excluding the corresponding tax impact without
fines and interests of US$66 as of December 31, 2023 (2022: US$61), totaling US$606 (2022: US$578). The amount involved for the years
2020 to 2023, which are not assessed, is US$190 (2022: US$223).</P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The mentioned payments were deducted until April 2023 when
Vale entered into a binding agreement jointly with BHPB, Samarco, and certain creditors of Samarco, establishing the parameters for the
restructuring of Samarco's debt. This restructuring was implemented through a consensual reorganization plan, which was approved by the
Judicial Recovery Court in September 2023. According to the agreement, contributions made by Vale to the Renova Foundation from May 2023
onward will be converted into capital contributions to Samarco and, therefore, will no longer be deductible. Further details on Samarco's
judicial recovery are provided in note 26(a) of these financial statements.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company received tax assessment notices for the periods
2016 to 2018, for the collection of IRPJ and CSLL on the grounds that expenses incurred with Renova Foundation were unduly deducted for
allegedly not being considered necessary. The total amount assessed is US$140 for the year ended December 31, 2023 (2022: US$24), excluding
the corresponding tax impact without fines and interests of US$27 as of December 31, 2023 (2022: US$5), totaling US$167 (2022: US$29).
For the fiscal years 2019 to 2023, the amount not assessed is US$536 (2022: US$530).</P>

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

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

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



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Meanwhile, the Federal Supreme Court (&ldquo;STF&rdquo;) is
judging two extraordinary appeals with impact to all taxpayers. These appeals are discussing how long a court decision related to a tax
matter would remain valid if the STF had subsequently issued a contrary decision. Due to the developments of this matter in the STF during
2023 and based on the updated assessment of its legal advisors, the Company concluded that the tax treatment previously adopted will probably
not be accepted by the tax authority and, therefore, it recognized a liability as &ldquo;Taxes payable&rdquo; for the year ended December
31, 2022. The amount for the year ended December 31, 2023, is US$183 (2022: US$155).</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

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

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


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    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current assets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current assets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Value-added tax (&quot;ICMS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">232</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">261</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazilian federal contributions (&quot;PIS&quot; and &quot;COFINS&quot;) (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">355</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,010</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">615</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">690</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">740</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">302</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">358</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">429</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">309</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">369</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">221</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial compensation for the exploration of mineral resources (&quot;CFEM&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">93</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">114</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>900</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,374</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,314</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,272</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,110</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>470</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) In December 2023, a judicial decision was issued in a lawsuit
related with Brazilian federal contributions (&ldquo;PIS&rdquo; and &ldquo;COFINS&rdquo;), which is fully guaranteed by a judicial deposit,
determining the conversion of part of the judicial deposit to the Government, resulting in the reclassification of the amount to payable
taxes. Further details are presented in note 28 of these financial statements.</P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The lawsuit that covers the triggering events that occurred
between December 2001 and February 2012, resulted in the recognition of a gain in the amount of US$145 for the year ended December 31,
2021, of which US$67 refers to the principal recorded as &ldquo;Other operating expenses, net&rdquo; and US$78 refers to monetary restatement
as &ldquo;Other financial items, net&rdquo;, due to the favorable decision obtained by the Company and in line with the judgment of the
Federal Supreme Court in the aforementioned leading case.</P>

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

<DIV STYLE="padding: 1pt 0in; border-top: #A6A6A6 0.5pt solid; border-bottom: #A6A6A6 0.5pt solid">

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The Brazilian corporate tax law
requires the taxation of income generated by foreign subsidiaries, and as a result, the income tax charge is computed using the tax rate
enacted at the end of the reporting period in Brazil. The impact of the income tax calculation in the consolidated financial statements
is determined by applying the differential between the Brazilian income tax rate and the local income tax rate of each jurisdiction where
the Company's subsidiaries operate and generate taxable income.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Management
regularly assesses positions taken in tax returns concerning situations where applicable tax regulations are subject to interpretation.
Provisions are recorded, as needed, based on expected amounts payable to tax authorities. Liabilities related to uncertain tax positions
are recorded only when it is deemed, with a more-likely-than-not probability, that these positions will not withstand challenges, if any,
from taxing authorities, based on input from internal and external legal advisors.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Deferred income taxes are recognized
for temporary differences between the carrying amount and the tax basis of assets and liabilities, as well as tax losses carryforwards.
However, deferred tax liabilities arising from the initial recognition of goodwill are not recognized. Additionally, deferred income tax
is not accounted for if it arises from the initial recognition of an asset or liability in a transaction unrelated to a business combination
that, at the time of the transaction, has no impact on accounting or taxable profit or loss. Offset of deferred tax assets and liabilities
occurs when there is a legally enforceable right to offset current tax assets and liabilities, and when the deferred tax balances pertain
to the same taxation authority.</P>

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

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

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

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

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

</DIV>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<DIV STYLE="padding: 1pt; border: gray 1pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>Critical accounting
estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9"><FONT STYLE="color: teal"><B>Deferred
income tax -</B></FONT> Significant judgements, estimates and assumptions are required to determine the amount of deferred tax assets
that are recognized based on the likely timing and future taxable profits. Deferred tax assets arising from tax losses carryforward and
temporary differences are recognized considering assumptions and projected cash flows. Deferred tax assets may be affected by factors
including, but not limited to: (i) internal assumptions on the projected taxable income, which are based on production and sales planning,
commodity prices, operational costs and planned capital costs; (ii) macroeconomic environment; and (iii) trade and tax scenarios.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9"><FONT STYLE="color: teal"><B>Uncertain
tax positions -</B></FONT> The Company applies significant judgement in identifying uncertainties over income tax treatments, which could
impact the consolidated financial statements. The Company operates in multiple jurisdictions where uncertainties arise in the application
of complex tax regulations. The Company and its subsidiaries are subject to reviews of income tax filings and other tax payments, and
disputes can arise with the taxing authorities over the interpretation of the applicable laws and regulations.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

</DIV>

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

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><A NAME="a_016"></A><B>9. Basic and diluted earnings (loss) per
share</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 64%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income from continuing operations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,983</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16,728</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24,736</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income (loss) from discontinued operations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,060</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,291)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,983</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,788</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22,445</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Thousands of shares </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Weighted average number of common shares outstanding</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,366,130</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,637,794</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,012,424</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Weighted average number of common shares outstanding and potential ordinary shares</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,369,961</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,642,432</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,016,848</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Basic and diluted earnings per share from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.83</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.61</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.93</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Basic and diluted earnings (loss) per share from discontinued operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.44</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(0.46)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Basic and diluted earnings per share</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.83</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.05</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.47</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A">&nbsp;</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_017"></A>10. Cash flows reconciliation</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from operating activities:</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,151</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>19,781</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>29,541</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Adjusted for:</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results and other results in associates and joint ventures </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,108</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(305)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,271</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment (impairment reversal) and results on disposal of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">266</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(773)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">426</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provisions related to Brumadinho </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">461</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">400</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">201</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provision for de-characterization of dams </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">153</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,725</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,070</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,171</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,034</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial results, net </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,946</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,268)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,119)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Changes in assets and liabilities:</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">197</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(325)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,029</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Inventories </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(214)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(503)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">637</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">495</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">251</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,523)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,531)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(442)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from operations </B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,252</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,762</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>33,414</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disbursement related to VNC sale</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(m)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(555)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeds from disposal of Mosaic shares</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(j)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,259</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash received from the sale of California Steel Industries</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(h)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">437</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash received from the sale of Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(f)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,082</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash contribution to Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(f)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,149)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash received from the sale of Midwestern System</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(g)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">140</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disbursement related to MRN sale</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(72)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Proceeds (payments) from disposal of investments, net</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(139)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>577</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>704</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 34%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Quoted in the secondary market</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Debt contracts in Brazil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Debt contracts on the international market</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,974</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>380</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,826</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,180</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,275</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,275</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,441)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(220)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(639)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,300)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest paid (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(650)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(45)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(90)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(785)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,091)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(265)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>546</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,810)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of exchange rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">126</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(55)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">78</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest accretion</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">488</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">158</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">87</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">733</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-cash changes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>614</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>165</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>32</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>811</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,497</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>280</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,404</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,181</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">450</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,950</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(542)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(50)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(66)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(658)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest paid (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(454)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(265)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(743)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>504</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(74)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>119</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>549</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of exchange rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(64)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(25)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest accretion</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">454</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">288</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">766</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-cash changes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>473</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>224</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>741</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,474</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>250</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,747</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,471</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; font-weight: normal">(i)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; font-weight: normal">Includes
bond premium repurchase.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; font-weight: normal">(ii)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; font-weight: normal">Classified
as operating activities in the statement of cash flows.</FONT></TD>
</TR></TABLE>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: navy"><B>&nbsp;</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In September 2023, the Company contracted
a loan of US$150 with Citibank, indexed to Secured Overnight Financing Rate (&ldquo;SOFR&rdquo;) with spread adjustments and maturing
in 2028.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In June 2023, Vale issued notes of US$1,500
with a coupon of 6.125% per year, payable semi-annually, and maturing in 2033. The notes were sold at a price of 99.117% of the principal
amount, resulting in a yield to maturity of 6.245%.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In March 2023, the Company contracted
a loan of US$300 with the Industrial and Commercial Bank of China Limited, Panama Branch (&ldquo;ICBC&rdquo;) indexed to SOFR with spread
adjustments and maturing in 2028.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In July 2022, the Company contracted
the credit line of US$150 with SMBC Bank indexed to SOFR with spread adjustments and maturing in 2027.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In May 2022, the Company contracted a
loan of US$200 with MUFG Bank indexed to SOFR with spread adjustments and maturing in 2027.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In January 2022, the Company contracted
two loans of US$425 with The Bank of Nova Scotia, indexed to SOFR with spread adjustments and maturing in 2027.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In June 2023, Vale redeemed notes with
maturity date in 2026, 2036 and 2039, in the total amount of US$500 and paid a premium of US$22, recorded as &ldquo;financial expenses&rdquo;
in the income statement for the year period ended December 31, 2023.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In January 2023, the Company paid principal
and interest of debentures, in the amount of U$24.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In August 2022, the Company settled its
infrastructure debentures of the 2nd series, by a payment of US$170.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In June 2022, the Company repurchased
US$1,291 of its Bonds and paid a premium of US$113, which has been recorded and is presented as &ldquo;Other expenses&rdquo; in the financial
results for the year ended December 31, 2022.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In January 2022, the Company prepaid
US$200 of a loan maturing in 2023 with The Bank of Nova Scotia.</FONT></TD></TR></TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 67%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-cash transactions:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions to PP&amp;E - capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_018"></A>11. Accounts receivable</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 59%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #009999 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: #009999 1pt solid; border-bottom: #009999 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: #009999 1pt solid; border-bottom: #009999 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Receivables from contracts with customers</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron
    Ore Solutions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,406</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,132</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">743</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">984</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">89</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">211</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,241</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,362</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected credit loss</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(44)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(43)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Accounts receivable, net</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,197</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,319</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Provisionally priced commodities
sales &ndash;</B></FONT> The Company is mainly exposed to iron ore and copper price risk. The Company's primary exposure lies in iron
ore and copper price risk. The determination of the final sales price for these commodities is based on the pricing period outlined in
the sales contracts, typically occurring after the revenue recognition date. Consequently, the Company initially recognizes revenue using
a provisional invoice. Subsequently, the receivables associated with provisionally priced products are measured at fair value through
profit or loss (note 20). Any fluctuations in the value of these receivables are reflected in the Company's net operating revenue.</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 39%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Thousand metric tons</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 16%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Provisional price (US$/ton)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Variation</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007A7E"><B>Effect on Revenue</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007A7E"><B>(US$ million)</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Iron ore</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">29,594</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">139</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 412</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Copper</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">95</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8,026</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 76</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<DIV STYLE="padding: 1pt 0in; border-top: #A6A6A6 0.5pt solid; border-bottom: #A6A6A6 0.5pt solid">

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The Company applies the IFRS 9 -
Financial Instruments simplified approach for measuring expected credit losses. This approach utilizes a lifetime expected loss allowance
for all accounts receivable. A provision matrix, established by the Company, forms the basis for this measurement. The matrix incorporates
historical credit loss experience, adjusted for forward-looking factors specific to the economic environment, and considers any financial
guarantees associated with these accounts receivables.</P>

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

</DIV>

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

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_019"></A>12. Inventories</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 66%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 17%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Finished products</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron
    Ore Solutions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,457</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,126</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">640</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">651</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,097</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,777</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Work in progress</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">567</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">800</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Consumable inventory</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,159</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,010</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net realizable value provision (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(139)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(105)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total of inventories</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,684</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,482</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) In 2023, the effect of provision for net realizable value
was US$54 (2022: US$44).</P>

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

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

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

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

<DIV STYLE="padding: 1pt 0in 0in; border-top: #A6A6A6 0.5pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Accounting policy</B></P>

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

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

</DIV>

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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


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

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_020"></A>13. Suppliers and contractors</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Third parties &ndash; Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,461</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,691</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Third parties &ndash; Abroad</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,653</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,599</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">158</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">171</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #EEECE1; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,272</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,461</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The Company has transactions with certain suppliers,
which allows them to anticipate their receivables and the Company to extend its payment term within the short term, that is, during its
operational cycle. The outstanding balance related to those transactions was US$1,438 as of December 31, 2023 (December 31, 2022: US$743),
of which US$221 (December 31, 2022: US$202) relates to the structure created by the Company with the exclusive purpose of enabling small
and medium suppliers to anticipate their receivables with better interest rates, in line with Company&rsquo;s social pillar.</P>

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

<DIV STYLE="padding: 1pt 0in; border-top: #A6A6A6 0.5pt solid; border-bottom: #A6A6A6 0.5pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Accounting policy</B></P>

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

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

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

</DIV>

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

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_021"></A>14. Other financial assets and liabilities</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-Current</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other financial assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Restricted cash</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">77</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">271</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">342</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">544</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">196</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in equity securities (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>271</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>342</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>593</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>280</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other financial liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">90</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">95</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">186</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial liabilities - Related parties </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">290</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">400</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial guarantees provided (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to the concession grant </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">591</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">416</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,278</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,554</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Contract liability and other financial liabilities (iii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">759</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">766</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,676</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,672</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,373</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,843</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) It mainly relates to a 2.66% noncontrolling interest in
Boston Electrometallurgical Company, which aims to promote the development of a technology focused on reducing carbon dioxide emissions
in steel production, and a 2.01% noncontrolling interest in Allonia LLC, a transformative biology startup.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) In March 2023, the Company completed the sale of its interest
in CSP and derecognized the financial guarantee granted by the Company.</P>

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


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    <!-- Field: /Page -->

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

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

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

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

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



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 10%">&nbsp;</TD>
    <TD STYLE="color: teal; font-family: Calibri, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
    <TD STYLE="color: teal; font-family: Calibri, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
    <TD STYLE="color: teal; font-weight: bold; font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right; width: 9%">&nbsp;</TD>
    <TD STYLE="color: teal; font-weight: bold; font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right; width: 9%">&nbsp;</TD>
    <TD STYLE="color: teal; font-weight: bold; font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right; width: 9%">&nbsp;</TD>
    <TD STYLE="color: teal; font-weight: bold; font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right; width: 9%">&nbsp;</TD>
    <TD STYLE="color: teal; font-weight: bold; font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right; width: 9%">Consolidated</TD>
    <TD STYLE="color: teal; font-weight: bold; font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right; width: 9%">&nbsp;</TD>
    <TD STYLE="color: teal; font-weight: bold; font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right; width: 9%">Discount rate</TD>
    <TD STYLE="color: teal; font-weight: bold; font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: teal; font-weight: bold; border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="color: teal; font-weight: bold; text-decoration: underline; border-bottom: teal 1pt solid; text-align: right">Reference</TD>
    <TD STYLE="color: teal; font-weight: bold; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="color: teal; font-weight: bold; border-bottom: #007E7A 1pt solid; text-align: right">31-Dec-22</TD>
    <TD STYLE="color: teal; font-weight: bold; border-bottom: #007E7A 1pt solid; text-align: right; border-top-color: #007E7A; border-top-width: 1pt">Revision to estimates and new provisions</TD>
    <TD STYLE="color: teal; font-weight: bold; border-bottom: #007E7A 1pt solid; text-align: right; border-top-color: #007E7A; border-top-width: 1pt">Monetary and present value adjustments</TD>
    <TD STYLE="color: teal; font-weight: bold; border-bottom: #007E7A 1pt solid; text-align: right; border-top-color: #007E7A; border-top-width: 1pt">Disbursements</TD>
    <TD STYLE="color: teal; font-weight: bold; border-bottom: #007E7A 1pt solid; text-align: right; border-top-color: #007E7A; border-top-width: 1pt">31-Dec-23</TD>
    <TD STYLE="color: teal; font-weight: bold; border-bottom: #007E7A 1pt solid; text-align: right; border-top-color: #007E7A; border-top-width: 1pt">31-Dec-23</TD>
    <TD STYLE="color: teal; font-weight: bold; border-bottom: #007E7A 1pt solid; text-align: right">31-Dec-22</TD>
    <TD STYLE="color: teal; font-weight: bold; border-bottom: #007E7A 1pt solid; text-align: right; border-top-color: #007E7A; border-top-width: 1pt">Remaining term of obligations</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">Payment obligation</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right; background-color: white">(a.i)</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right; background-color: white">954</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right; background-color: #F3F3F3">55</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right; background-color: #F3F3F3">176</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right; background-color: #F3F3F3">(55)</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right; background-color: #F3F3F3">1,130</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right; border-top-color: #007E7A; border-top-width: 1pt; background-color: #F3F3F3">11.04%</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">11.04%</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right; border-top-color: #007E7A; border-top-width: 1pt; background-color: #F3F3F3">34 years</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">Infrastructure investment</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right; background-color: white">(a.ii)</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right; background-color: white">2,016</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right; background-color: #F3F3F3">719</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right; background-color: #F3F3F3">267</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right; background-color: #F3F3F3">(263)</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right; background-color: #F3F3F3">2,739</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right; border-top-color: silver; border-top-width: 1pt; background-color: #F3F3F3">5.17% - 5.54%</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">6.08% - 6.23%</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right; border-top-color: silver; border-top-width: 1pt; background-color: #F3F3F3">8 years</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; text-align: right; background-color: white">2,970</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; text-align: right; background-color: #F3F3F3">774</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; text-align: right; background-color: #F3F3F3">443</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; text-align: right; background-color: #F3F3F3">(318)</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; text-align: right; background-color: #F3F3F3">3,869</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; border-top-color: teal; border-top-width: 1pt; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; border-top-color: silver; border-top-width: 1pt; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">Current liabilities</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right; background-color: white">416</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right; background-color: #F3F3F3">591</TD>
    <TD STYLE="border-bottom: silver 1pt solid; border-top-color: teal; border-top-width: 1pt; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; border-top-color: teal; border-top-width: 1pt; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">Non-current liabilities</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right; background-color: white">2,554</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right; background-color: #F3F3F3">3,278</TD>
    <TD STYLE="border-bottom: teal 1pt solid; border-top-color: silver; border-top-width: 1pt; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; border-top-color: silver; border-top-width: 1pt; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; background-color: white">Liabilities</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; text-align: right; background-color: white">2,970</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; text-align: right; background-color: #F3F3F3">3,869</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; border-top-color: teal; border-top-width: 1pt; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: teal 1pt solid; border-top-color: teal; border-top-width: 1pt; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white; color: teal"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The Company will make payments for the concession grants
in quarterly installments through the concession period. This obligation is updated annually by the readjustment index for monetary exchange
(&ldquo;IRT&rdquo;), which was 4.82% for the year 2023 (2022: 6.47%), resulting in an addition to the provision of US$55 for the year
ended December 31, 2023.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">In addition,
the ANTT may require, at their discretion, further investments on the concession network. Furthermore, there is a requirement for the
Company to complete a minimum percentage of certain investments by 2028. In these circumstances, discussions on the economic and financial
rebalancing of the contracts will be required and depending on the result of the physical inventory review and if new investments are
demanded, the carrying amount of grant payable may have a material impact in the future.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">In January 2024
(subsequent event), the Company was notified by the Ministry of Transport related to the asset base of the railway network which, in the
understanding of the Ministry of Transport, should be amortized until the end of the concession and should not reduce the value of the
grant. The Ministry of Transport required the Company to present measures to recover any compensation from the public authorities for
assets covered by this notification. The Company has presented its arguments and understands that the provisions recorded are adequate
to comply with obligations related to the concession.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">
<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white"><FONT STYLE="color: teal"><B>Midwestern
Integration Railroad (&quot;FICO&quot;) -</B></FONT> Construction of 383 km of FICO, between the municipalities of Mara Rosa, in Goi&aacute;s,
and &Aacute;gua Boa, in Mato Grosso. As of December 31, 2023, the Company has a provision in the amount of US$1,584 (2022: US$1,415).
In 2023, the Company revised the estimates of cash disbursement for the execution of investments, mainly due to the anticipation of the
moment of execution of part of these investments, resulting in the complement of the provision in the amount of U$154 in the year ended
December 31, 2023.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="color: teal"><B>Infrastructure program -</B></FONT>
Comprises over 450 separate projects designed to improve safety and reduce trespass where the railways pass through urban areas. The program
will benefit 25 and 33 municipalities intercepted by EFC and EFVM, respectively. In 2023, the Company made progress mainly in the maturity
of projects associated with complementary infrastructure, as established in the concession renewal agreements, as well anticipated the
timing of execution of part of the obligations, resulting in an addition to the provision in the amount of US$565 in the year ended December
31, 2023.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="color: teal"><B>West-East Integration Railway
(&ldquo;FIOL&rdquo;) -</B></FONT> Acquisition and delivery of rails and sleepers, which the Federal Government will use for construction
of section II of the FIOL, which will connect the municipalities of Caetit&eacute; and Barreiras, in Bahia, and other miscellaneous obligations.
In 2022, ANTT issued the definitive Discharge Term regarding the rails and sleepers acquired for FIOL, as established in an amendment
to the EFVM concession contract. Therefore, this obligation was settled in 2022.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal; line-height: 115%"><B><BR STYLE="clear: both">
</B></FONT></P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As of December 31, 2021, as a condition for signing the contracts,
the Company contracted a guarantee. These insurance contracts guarantee compensation, up to the amount established in the policy, for
any losses arising from non-compliance of the contractual obligations assumed by Vale in the concession contracts. The amount of insurance
coverage is US$236 as of December 31, 2023 (2022: US$209) and the Company recorded financial expenses related to these contracts in the
amount of US$11 in 2023 (2022: US$13).</P>

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

<DIV STYLE="background-color: rgb(242,242,242); padding: 1pt 0in; border-top: rgb(166,166,166) 0.5pt solid; border-bottom: rgb(166,166,166) 0.5pt solid">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Accounting policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

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

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

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

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

</DIV>


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<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><A NAME="a_022"></A><B>15. Investments in associates and joint
ventures</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 28%; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>% ownership</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Additions and capitalizations</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Equity results in income statement</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Dividends declared</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Transfer to assets held for sale</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Baovale Minera&ccedil;&atilde;o S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">80</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(30)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">73</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.89</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.90</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">62</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(20)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">145</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">150</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48.45</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">509</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">118</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">640</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">VLI S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29.60</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">428</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(108)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">346</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Samarco Minera&ccedil;&atilde;o S.A. (note 26)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,296</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>101</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(143)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>94</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,349</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">PT Kolaka Nickel Indonesia</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18.30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(13)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A. </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">340</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(60)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">356</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">106</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">106</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>502</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>43</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(60)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>41</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>523</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,798</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>144</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(203)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>135</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(13)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,872</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other results in associates and joint ventures (notes 16 and 26) (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,252)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,798</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,108)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(203)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>135</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(13)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,872</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i)  It mainly refers to the addition to the provision related to the Samarco dam
failure (note 26) and other results related to investments disposals (note 16).</FONT></P>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

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

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


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Capital reduction
in a foreign subsidiary &ndash;</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In August 2022, the Company approved a capital
reduction in the amount of US$1,500 of Vale International SA (&ldquo;VISA&rdquo;), a wholly-owned foreign subsidiary, leading to a reduction
in the absolute value of the investment held by the Parent Company, which resulted in a gain of US$1,543 due to the reclassification of
the cumulative translation adjustments following our accounting policy for such nature of transaction, presented as &ldquo;Other financial
items, net&rdquo; (note 6). The remaining balance of cumulative translation adjustments of VISA represents US$4,906 as of December 31,
2023.</FONT></P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The summarized financial information about relevant associates
and joint ventures for the Company are as follows. The stand-alone financial statements of those entities may differ from the financial
information reported herein, which is prepared considering Vale&rsquo;s accounting policies and using the most recent financial information
available adjusted for the effects of significant transactions or events that occur between the date of the financial information and
the date of the Company&rsquo;s financial statements. The summarized financial information about Samarco is presented in note 26.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 35%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Alian&ccedil;a Gera&ccedil;&atilde;o de Energia</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Pelletizing plants (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>MRS Log&iacute;stica</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>VLI S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">120</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">374</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">954</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">935</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current assets</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,064</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">210</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">420</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,779</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,309</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,184</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>210</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>794</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,733</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,244</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">171</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">133</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">704</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">933</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">365</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,709</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,143</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>536</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>134</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,413</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,076</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Equity</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>648</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>208</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>660</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,320</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,168</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Net revenue</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">230</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">194</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,291</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,682</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>88</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(15)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>172</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>243</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(366)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 28%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 12%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Alian&ccedil;a Gera&ccedil;&atilde;o de Energia</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 12%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 12%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>CSP </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 12%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Pelletizing plants (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 12%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>MRS Log&iacute;stica</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 12%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>VLI S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">140</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">827</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">497</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">387</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">760</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">921</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">209</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,709</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">328</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,398</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,649</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,061</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>209</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,536</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>825</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,785</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,409</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">161</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">491</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">164</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">509</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">810</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">282</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,450</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,219</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,153</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>443</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,941</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>165</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,728</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,963</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>618</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>208</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>595</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>660</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,057</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,446</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net revenue</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">215</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,399</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">420</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,083</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,376</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">387</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">272</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">169</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(29)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Location</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Main activity/Business</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>% Ownership</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>% Voting capital</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>% Noncontrolling interest</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Direct and indirect subsidiaries</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia Portu&aacute;ria da Ba&iacute;a de Sepetiba</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron ore</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Minera&ccedil;&otilde;es Brasileiras Reunidas S.A. (&ldquo;MBR&rdquo;)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron ore</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Salobo Metais S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Copper</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">PT Vale Indonesia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Indonesia</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44.3%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44.3%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Base Metals Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">United Kingdom</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Holding</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Holdings B.V.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Netherlands</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Holding and research</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Canada Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Canada</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale International S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Switzerland</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Trading and holding</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Malaysia Minerals Sdn. Bhd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Malaysia</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron ore</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Oman Distribution Center LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Oman</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron ore and pelletizing plant</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Oman Pelletizing Company LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Oman</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pelletizing plant</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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

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

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 58%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>PTVI (note 16b)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">885</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,977</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties &ndash; Shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">83</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,945</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">221</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">239</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties &ndash; Shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>460</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,484</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity (negative reserves) attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,599</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(79)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,520</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">207</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>144</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(22)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>122</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Dividends paid to noncontrolling interests</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>33</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>41</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 59%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>PTVI</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Vale Oman Pelletizing (note 16e)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">853</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,147</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">581</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties &ndash; Shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">113</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">81</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,113</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>746</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">183</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">96</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">249</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">149</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties &ndash; Shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">297</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>432</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>542</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,681</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">204</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity (negative reserves) attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,492</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>61</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(62)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,491</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">181</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>101</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(28)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>82</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Dividends paid to noncontrolling interests</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 44%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>PTVI</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Vale Mo&ccedil;ambique</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Vale Oman Pelletizing</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">771</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">420</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">92</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,875</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">195</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">633</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties &ndash; Shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,728</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>621</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>750</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">174</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">224</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">97</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">157</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties &ndash; Shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,072</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">296</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>244</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,370</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>550</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity (negative reserves)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,484</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11,749)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">200</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity (negative reserves) attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,383</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(587)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>60</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(21)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>834</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">198</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">326</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>110</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(85)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(10)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>23</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Dividends paid to noncontrolling interests</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>30</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>

<DIV STYLE="padding: 1pt 0in; border-top: #A6A6A6 0.5pt solid; border-bottom: #A6A6A6 0.5pt solid">

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Subsidiaries
&ndash;</B></FONT> The Company consolidates all entities over which it exercises control, defined as having both (i) exposure or rights
to variable returns from its involvement and (ii) the ability to direct significant activities of the investee. Subsidiaries are fully
consolidated from the acquisition date until the Company ceases to have control.</P>

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Investments
in associates and joint arrangements &ndash;</B></FONT> Associates are entities over which the Company holds significant influence (typically
20% to 50% equity interest). If the equity interest in an associate decrease while retaining significant influence, a proportionate portion
of the amounts previously recognized in other comprehensive income is reclassified to profit or loss as appropriate. Dilution gains and
losses on associates are recognized in the income statement.</P>

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Interests in joint ventures are
accounted for using the equity method, recognized initially at cost. The Company's investment in joint ventures includes identified goodwill
from the acquisition, net of any impairment loss. The Company's interest in joint venture profits or losses is recognized in the income
statement, and participation in changes in reserves is reflected in the Company's reserves. If the Company's interest in the losses of
an associate or joint venture equals or exceeds the carrying amount of the investment, including
any other receivables, additional losses are not recognized unless obligations or payments have been made on behalf of the joint venture.</P>
</div>

<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"></P>
<DIV STYLE="padding: 1pt 0in; border-top: #A6A6A6 0.5pt solid; border-bottom: #A6A6A6 0.5pt solid">

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Cumulative
translation adjustments -</B></FONT> According to IAS 21, exchange differences arising from transactions and balances of foreign operations
are recognized in other comprehensive income and accumulated in equity until the full or partial disposal of the operation. A &quot;partial
disposal&quot; of an investment can be construed as (i) a reduction in the percentage of equity interest or (ii) a decrease in the absolute
value of the investment through the reduction of the investee's capital, even if the investor's ownership percentage remains unchanged.
Consequently, there exists an accounting policy choice concerning the definition of a partial disposal.</P>

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

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

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

</DIV>

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

<DIV STYLE="padding: 1pt; border: gray 1pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>Critical accounting
estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">In certain scenarios, judgment is
necessary to determine whether, after considering all relevant factors, the Company exercises control, joint control, or significant influence
over an entity. Significant influence includes situations involving collective control.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">The Company holds the majority of
the voting capital in five joint arrangements (Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A., Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es
S.A., Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o, and Companhia
Nipo-Brasileira de Pelotiza&ccedil;&atilde;o). However, management has concluded that the Company lacks a sufficiently dominant voting
interest to direct the activities of these entities. Consequently, these entities are accounted for using the equity method due to shareholder
agreements where relevant decisions are shared with other parties.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">Vale and Sumitomo Metal Mining Co.
Ltd. (&quot;SMM&quot;) jointly own a 44.3% and 15% equity interest in PT Vale Indonesia Tbk (&quot;PTVI&quot;), resulting in a total 59.3%
interest in PTVI. Vale and SMM have a Shareholders' Agreement (&quot;Block voting agreement&quot;), stipulating that SMM will adhere to
Vale's guidelines in decision-making on financial and operational matters crucial to PTVI's management. Consequently, the Company consolidates
PTVI in its financial statements.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

</DIV>

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


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

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><A NAME="a_023"></A><B>16. Acquisitions and divestitures</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Result of the transaction</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Reference</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Total recycling from</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>OCI</B></P></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Impairment reversal (impairment) of non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Minera&ccedil;&atilde;o Rio do Norte</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(87)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(f)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">31</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(56)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Result of the transaction</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Reference</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Total recycling from</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>OCI</B></P></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Impairment reversal (impairment) of non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Companhia Sider&uacute;rgica do Pec&eacute;m (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(f)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(135)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Midwestern System</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(g)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">37</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">37</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,121</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">California Steel Industries </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(h)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">142</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Manganese</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(9)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>65</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>150</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>215</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,111</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(2)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Discontinued operations (Coal)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(l)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,072</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,072</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(589)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,137</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>150</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,287</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>522</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(2)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Result of the transaction</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Reference</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Total recycling from</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>OCI</B></P></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Impairment reversal (impairment) of non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Midwestern System</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(g)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(78)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Vale Nouvelle-Cal&eacute;donie</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(m)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,132</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,132</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(98)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Vale Shipping Holding</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(k)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">771</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">771</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Manganese</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(35)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(75)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,912</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,912</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(211)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(75)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Discontinued operations (Coal)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(l)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">424</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">424</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,282)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,336</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,336</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(3,493)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(75)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>a) Acquisition of equity interest
in Anglo American Min&eacute;rio de Ferro Brasil S.A. (&ldquo;Anglo American Brasil&rdquo;) &ndash; </B></FONT>In February 2024 (subsequent
event), the Company entered into an agreement with Anglo American plc for the acquisition of 15% interest in Anglo American Brasi, company
that currently owns the Minas-Rio complex (&ldquo;Minas-Rio&rdquo;), in Brazil. Under the terms agreed, Vale will contribute with Serra
da Serpentina iron ore resources and a cash contribution of US$157.5, subject to net debt and working capital variation adjustments at
the closing date. Additionally, depending on the future iron ore prices, there may be an adjustment in the transaction price and the fair
value adjustments of this mechanism will be recognized in the Company's income statements accordingly.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Following completion of the transaction, Vale will receive
its pro-rata share of Minas-Rio production and the Company will also have an option to acquire an additional 15% shareholding in Minas-Rio.
The option will be exercised at fair value, calculated at the time of exercise.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The closing of the transaction is subject to the usual conditions
precedent and expected to occur in 2024. Upon completion of the transaction, Anglo American Brasil will be an associate of Vale and the
investment will be accounted for under the equity method.</P>

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


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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>b) PT Vale Indonesia Tbk (&ldquo;PTVI&rdquo;)
&ndash; </B></FONT>PTVI has a Contract of Work with the government of Indonesia to operate its mining licenses, expiring in December
2025. To extend the period of the mining licenses beyond 2025, PTVI must meet certain requirements under the Contract of Work, including
the commitment to meet a threshold of Indonesian participants in its shareholding structure.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"></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%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In November 2023, the Company signed a Heads of Agreement with
PT Mineral Industri Indonesia (&ldquo;MIND ID&rdquo;) and Sumitomo Metal Mining Co., Ltd. (&ldquo;SMM&rdquo;) regarding the divestment
obligation of approximately 14% in PTVI. Therefore, MIND ID will become PTVI's largest shareholder, holding approximately 34% of the issued
shares, with the Company and SMM holding approximately 33.9% and approximately 11.5%, respectively. The transaction's conclusion is expected
in 2024 and is subject to customary closing conditions.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Thus, Vale will lose control over PTVI and will treat the investment
held in PTVI through the equity method due to the significant influence it will retain on PTVI.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition, due to the current stage of this transaction,
this investment was classified as an asset held for sale as it meets the &ldquo;highly probable&rdquo; criterion as defined in IFRS 5
&ndash; <I>Non-current Assets Held for Sale and Discontinued Operations</I>. As the fair value of PTVI is higher than the carrying value,
no impairment loss was recorded in the income statement for the year ended December 31, 2023.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Therefore, at the closing of the transaction, the Company will
recognize impacts resulting from (i) derecognition of net assets due to the deconsolidation of PTVI; (ii) derecognition of the non-controlling
interest due to the deconsolidation of PTVI; (iii) remeasurement of the retained interest in the investee at the fair value; (iv) reclassification
of the accumulated translation adjustments, recorded in equity to the income statement.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Effects on the balance sheet</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 22%; border-bottom: teal 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 22%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>PTVI</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(held for sale)</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Assets</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">703</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accounts receivable</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Inventories</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">80</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Taxes</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">117</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Investments</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,792</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Intangibles</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">69</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other assets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">139</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,933</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Suppliers and contractors</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">172</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">389</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>561</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Net assets held for sale</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,372</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>c) Strategic partnership on
the Energy Transition Metals business &ndash; </B></FONT>In July 2023, the Company signed a binding agreement with Manara Minerals, a
joint venture between Ma&rsquo;aden and Saudi Arabia&rsquo;s Public Investment Fund, under which Manara Minerals will make an equity investment
in Vale Base Metals Limited (&ldquo;VBM&rdquo;), the holding entity for Vale&rsquo;s Energy Transition Metals Business. At the same time,
Vale and Engine No. 1 entered into another binding agreement for an equity investment in VBM.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As a result of both agreements, Manara Minerals and Engine
No. 1 will hold a combined 13% equity interest in VBM for the consideration of approximately US$3.4 billion, which will be contributed
to VBM thereby diluting Vale to an 87% equity interest. Therefore, the Company will retain control over VBM and as a result this agreement
will be accounted for in the Company&rsquo;s equity. The closing of the transaction is expected to take place in 2024, subject to conditions
precedent, including the approval of the usual authorities.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>d) Minera&ccedil;&atilde;o
Rio do Norte S.A. (&ldquo;MRN&rdquo;) &ndash;</B></FONT> In November 2023, Vale concluded the sale of its 40% interest in MRN, which has
been impaired in full since 2021, to Ananke Alumina S.A. (&ldquo;Ananke&rdquo;), an associate of Norsk Hydro ASA. At closing of the transaction,
Vale paid US$72 to the buyer, resulting in a loss of US$87 recorded in the income statement for the year ended December 31, 2023, as &ldquo;Equity
results and other results in associates and joint ventures&rdquo;.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>e) Vale Oman Pelletizing Company
LLC (&ldquo;VOPC&rdquo;) &ndash; </B></FONT>In February 2023, OQ Group exercised its option to sell its 30% noncontrolling interest held
in VOPC, a subsidiary consolidated by the Company. In April 2023, the Company concluded the transaction and acquired the minority interest
for US$130, resulting in a gain of US$3, recorded in equity, as &ldquo;Acquisitions and disposals of noncontrolling interests&rdquo;,
since it resulted from a transaction between shareholders. Upon closing, Vale owns 100% of VOPC's share capital.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>f) Companhia Sider&uacute;rgica
do Pec&eacute;m (&ldquo;CSP&rdquo;) &ndash;</B></FONT> In July 2022, the Company and the other shareholders of CSP signed a binding agreement
with ArcelorMittal Brasil S.A. (&ldquo;ArcelorMittal&rdquo;) for the sale of CSP. Following the terms of the agreement, the Company has
impaired its investment in full, with an impact of US$111 and recorded a provision for accounts receivable with CSP in the amount of US$24,
both recorded in the income statement for the year ended December 31, 2022.</P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In March 2023, the Company completed the sale of its interest
in CSP to ArcelorMittal, for US$1,082, which was fully used to prepay most of the outstanding net debt of US$1,149. The remaining balance
was settled by the shareholders and so Vale disbursed US$67 upon completion of the transaction. The Company also derecognized its financial
liability related to the guarantee granted to CSP, leading to a gain of US$31 recorded as &ldquo;Equity results and other results in
associates and joint ventures&rdquo; for the year ended December 31, 2023.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>g) Midwestern System &ndash;
</B></FONT>In April 2022, the Company entered into an agreement with J&amp;F Minera&ccedil;&atilde;o (&ldquo;J&amp;F&rdquo;) for the sale
of Vale&rsquo;s iron ore, manganese and logistics assets in the Centro-Oeste System, through equity interests in Minera&ccedil;&atilde;o
Corumbaense Reunida S.A., Minera&ccedil;&atilde;o Mato Grosso S.A., International Iron Company, Inc. and Transbarge Navegaci&oacute;n
S.A.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt"><FONT STYLE="color: #007E7A"><B>h) California Steel Industries (&ldquo;CSI&rdquo;)
- </B></FONT>In December 2021, the Company entered into a binding agreement with Nucor Corporation (&ldquo;Nucor&rdquo;) for the sale
of its 50% interest in CSI for US$437. In February 2022, the Company concluded the sale and recorded a gain of US$292 for the year ended
December 31, 2022, as &ldquo;Equity results and other results in associates and joint ventures&rdquo;, of which US$142 relates to a gain
from the sale and US$150 is due the reclassification of the cumulative translation adjustments from the shareholders&rsquo; equity to
the income statement.</P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Operations in Minas Gerais
- </B></FONT>In January 2022, the Company completed the sale of its ferroalloy operations in Barbacena and Ouro Preto and its manganese
mining operations at Morro da Mina, in the state of Minas Gerais, to VDL Group (&ldquo;VDL&rdquo;) for a total consideration of US$40.
As the Company had already adjusted the net assets to the fair value less cost of disposal, the closing did not result in an additional
impact on the income statement for 2022 (2021: impairment of US$25).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Operations in Bahia -</B></FONT>
In 2020, the Company decided to shut down the Sim&otilde;es Filho operation, located in the State of Bahia, the plant was part of Vale
Mangan&ecirc;s business and produced manganese ferroalloy. In 2022, the Company signed a binding agreement with Minas Ligas for a partial
sale of the assets of this plant for US$11, which resulted in an impairment loss of US$10 for the year ended December 31, 2022 (2021:
US$10).</P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>k) Vale Shipping Holding
Pte. Ltd (&ldquo;VSH&rdquo;) -</B></FONT> In October 2021, the Company approved the liquidation of VSH, its wholly-owned subsidiary that
owned and operated the Company's vessels. In November 2021, VSH made a repayment of capital to VISA and, as a result, the Company recognized
a gain of US$771 for the year ended December 31, 2021, presented as &ldquo;Other financial items, net&rdquo; arising from the reclassification
of cumulative translation adjustments that was recorded in the Company&rsquo;s equity to the income statement.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>l) Discontinued operations
(Coal)</B></FONT> <FONT STYLE="color: teal">-</FONT> The Company had metallurgical and thermal coal mining and processing operations through
Vale Mo&ccedil;ambique S.A. (&ldquo;Vale Mo&ccedil;ambique&rdquo;) which was a company controlled by Vale, that had a non-controlling
interest held by Mitsui &amp; Co. Ltd. (&ldquo;Mitsui&rdquo;). Coal products were transported from the Moatize mine to the maritime terminal
by the Nacala Logistics Corridor (&ldquo;NLC&rdquo;), which was a joint venture between Vale and Mitsui. The NLC&rsquo;s main assets
were the railways and port concessions located in Mozambique and Malawi.</P>

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 77%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 22, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Acquired assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">172</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Inventory, recoverable tax, and other assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">423</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Intangibles</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,219</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Property, plant, and equipment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,363</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assumed liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(158)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net identifiable assets acquired</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,019</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value adjustments (i)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,590)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total identifiable net assets at fair value</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,429</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pre-existing relation (Loans receivable from NLC)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">859</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loss on pre-existing relation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(771)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,517</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash consideration</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,517</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(-) Balances acquired</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">172</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash outflow</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,345</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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


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<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: teal"><B>Net income and cash flows from discontinued operations</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income from discontinued operations</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net operating revenue</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">448</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,083</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(264)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,386)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Operating expenses</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(33)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment and results on disposals of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(589)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,282)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Operating loss</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(418)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,618)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cumulative translation adjustments (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,072</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derecognition of noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(585)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial results, net</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">447</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(26)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B> income (loss) before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,062</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,197)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">821</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) from discontinued operations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,060</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,376)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Loss attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(85)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,060</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,291)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from discontinued operations</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income (loss) before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,062</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,197)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Adjustments:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, amortization and depletion</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">69</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment and results on disposals of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">589</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,282</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derecognition of noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">585</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial results, net</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,065)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(447)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Decrease in assets and liabilities</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(130)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(49)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash generated (used) by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>41</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(316)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions to property, plant and equipment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(194)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Acquisition of NLC, net of cash</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,345)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disposal of coal, net of cash </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(65)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(103)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,469)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used by financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(11)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(13)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used by discontinued operations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(73)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,798)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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    <!-- Field: /Page -->

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

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

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

<DIV STYLE="padding: 1pt 0in; border-top: #A6A6A6 0.5pt solid; border-bottom: #A6A6A6 0.5pt solid">

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

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

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Discontinued
operations -</B></FONT> The designation as a discontinued operation occurs either upon disposal or when the operation meets the criteria
for classification as held for sale if this condition is met earlier. A discontinued operation refers to a component of a Company's business
that encompasses cash flows and operations distinguishable from the remainder of the Company, representing a significant separate line
of business or geographical area of operations.</P>

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

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

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

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

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

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

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

</DIV>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><A NAME="a_024"></A><B>17. Intangibles</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Goodwill</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Concessions</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Software</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Research and development project</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,208</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,223</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>86</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>494</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,011</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,087</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">39</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,126</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(13)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(229)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(43)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(272)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">366</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">386</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,189</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,434</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>87</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>528</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,238</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,189</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7,808</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">564</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">528</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12,089</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accumulated amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,374)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(477)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,851)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,189</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,434</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>87</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>528</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,238</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">53</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,072</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(14)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(14)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(251)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(292)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to held for sale (PTVI)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(68)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(69)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">142</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">507</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">696</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,263</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,689</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>104</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>575</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,631</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,263</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9,394</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">634</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">575</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13,866</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accumulated amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,705)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(530)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2,235)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,263</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,689</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>104</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>575</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,631</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>a) Concessions &ndash; </B></FONT>Includes
the EFC and EFVM operating concession agreements (note 14a).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>b) Goodwill &ndash;</B></FONT>
Includes the goodwill derived from acquisition of iron ore and nickel businesses and the goodwill from the incorporation of Valepar into
Vale in 2017, which was recognized on the acquisition of Vale controlling interest by Valepar based on the expected future returns of
the ferrous segment. The Company has not recognized the deferred taxes over the goodwill since there are no differences between the tax
basis and accounting basis. Annually, the Company assesses the impairment of this asset, or more frequently when an indication of impairment
is identified (note 19).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>c) Research and development project
-</B></FONT> Refers to in-process research and development projects and patents identified in the business combination of New Steel Global
N.V. acquired in 2019. The intangible assets of research and development are not subject to amortization until the operational phase is
reached. Thus, the Company annually assesses the impairment of this asset, or more frequently when an indication of impairment is identified
(note 19).</P>

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

<DIV STYLE="margin-right: -0.05pt; margin-left: 0in; padding: 1pt 0in 0in; border-top: #A6A6A6 0.5pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Accounting policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Intangibles are carried at acquisition
cost, net of accumulated amortization and impairment charges.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The estimated useful lives are as
follows:</P>

</DIV>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: rgb(242,242,242); border-collapse: collapse">
  <TR>
    <TD STYLE="width: 29%; background-color: transparent; padding-right: 1.45pt; padding-left: 1.45pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 45%; background-color: #F2F2F2; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 26%; border-bottom: #00807A 1pt solid; background-color: #F2F2F2; padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Useful life</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Railway concessions</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5 to 37 years</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: transparent; padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Research and development project</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19 years</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Software</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A6A6A6 1pt solid; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5 years</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

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


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><A NAME="a_025"></A><B>18. Property, plant, and equipment</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Teal 1pt solid; width: 38%">&nbsp;</TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 4%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 7%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Building and land</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 6%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Facilities</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equipment</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 7%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Mineral properties</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 7%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Railway equipment</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 4%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Right of use assets</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 4%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 10%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Constructions in progress</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 5%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2021</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,137</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,232</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,743</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,742</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,334</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,537</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,484</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,722</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>41,931</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions (i)</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">77</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,496</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,573</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disposals</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(144)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(221)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(562)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(562)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(409)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(478)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(700)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(436)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(160)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(185)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(301)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,669)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment reversal</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">56</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">64</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">214</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer to asset held for sale - Midwestern System</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(64)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(39)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(21)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(214)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">308</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">340</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">102</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(131)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">159</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">886</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfers</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">899</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">972</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">858</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">502</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">149</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">408</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,788)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,913</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,042</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,984</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,112</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,475</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,455</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,632</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,325</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44,938</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16,027</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,819</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,647</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16,405</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,099</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,120</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,899</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,325</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">78,341</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7,114)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,777)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,663)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9,293)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,624)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(665)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,267)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(33,403)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,913</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,042</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,984</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,112</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,475</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,455</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,632</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,325</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44,938</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,368</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,442</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disposals</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(35)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(15)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(131)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(220)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">324</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">324</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(462)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(517)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(736)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(446)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(168)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(190)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(323)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,842)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer to asset held for sale</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(670)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(759)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(791)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(521)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,792)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">578</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">574</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">214</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">286</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">187</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">138</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">541</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,546</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfers</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,795</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,151</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">762</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">447</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">172</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,374)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,119</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,239</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,450</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,925</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,612</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,359</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,484</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,208</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>48,396</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17,381</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14,858</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,326</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15,663</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,435</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,208</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,391</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,208</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">81,470</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7,262)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,619)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,876)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8,738)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,823)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(849)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,907)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(33,074)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,119</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,239</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,450</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,925</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,612</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,359</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,484</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,208</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>48,396</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) The additions are mainly
related to the expansion of the Voisey&rsquo;s Bay mine and the Salobo III project, Sol do Cerrado (solar energy plant) and the execution
of the Capanema project. It also includes capitalized interest. </FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt">For more details regarding right of use and lease liability see note 24.</P>

<DIV STYLE="padding: 1pt 0in 0in; border-top: #A6A6A6 0.5pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Accounting policy</B></P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Property, plant, and equipment are
recorded at the cost of acquisition or construction, net of accumulated depreciation and impairment charges.</P>

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

</DIV>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Mineral properties developed internally
are determined by (i) direct and indirect costs attributed to build the mining facilities, (ii) financial charges incurred during the
construction period, (iii) depreciation of other fixed assets used during construction, (iv) estimated decommissioning and site restoration
expenses, and (v) other capitalized expenditures during the development phase (phase when the project demonstrates its economic benefit
to the Company, and the Company has ability and intention to complete the project).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The depletion of mineral properties
is determined based on the ratio between production and total proven and probable mineral reserves.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Property, plant and equipment, other
than mineral properties are depreciated using the straight-line method based on the estimated useful lives, from the date on which the
assets become available for their intended use and are capitalized, except for land which is not depreciated.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; background-color: rgb(242,242,242)">
  <TR>
    <TD STYLE="width: 33%; padding-right: 1.45pt; padding-left: 1.45pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 44%; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: #007E7A 1pt solid; padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Useful life</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(242,242,242)">
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Buildings</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3 to 50 years</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Facilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3 to 50 years</FONT></TD></TR>
  <TR STYLE="background-color: rgb(242,242,242)">
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Equipment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3 to 40 years</FONT></TD></TR>

<TR STYLE="background-color: rgb(242,242,242)">
    <TD STYLE="width: 33%; padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Wagons</FONT></TD>
    <TD STYLE="vertical-align: top; width: 44%; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 23%; padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;30 to 45 years</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Railway equipment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;5 to 37 years</FONT></TD></TR>
  <TR STYLE="background-color: rgb(242,242,242)">
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Vessels</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;20 to 25 years</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Other</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2 to 50 years</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="padding: 0in 0in 1pt">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The residual values and useful lives
of assets are reviewed each reporting period and adjusted if necessary.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Expenditures
and stripping costs</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>(i)
Research and development expenditures - </B></FONT>Expenditures on mining research are accounted for as operating expenses and recorded
as &ldquo;Research and development&rdquo; in the income statement, until the effective proof of economic feasibility and commercial viability
of a given field can be demonstrated. From then on, the expenditures incurred are capitalized as mineral properties.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>(ii)
Expenditures on feasibility studies, new technologies and others research - </B></FONT>The Company also conducts feasibility studies for
many businesses which it operates including researching new technologies to optimize the mining process. After these costs are proven
to generate future benefits to the Company, the expenditures incurred are capitalized.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>(iii)
Maintenance costs -</B></FONT> Significant industrial maintenance costs, including spare parts, assembly services, and others, are recorded
in property, plant and equipment and depreciated through the next programmed maintenance overhaul.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>(iv)
Stripping Costs -</B></FONT> The cost associated with the removal of overburden and other waste materials (&ldquo;stripping costs&rdquo;)
incurred during the development of mines, before production takes place, are capitalized as part of the depreciable cost of the mineral
properties. These costs are subsequently amortized over the useful life of the mine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Post-production stripping costs
are included in the cost of inventory, except when a new project is developed to permit access to a significant ore deposit. In such cases,
the cost is capitalized as a non-current asset and is amortized during the extraction of the ore deposits, over the useful life of the
ore deposits.</P>

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

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

</DIV>

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

<DIV STYLE="padding: 1pt 4pt; border: #A6A6A6 1pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: #007E7A"><B>Critical accounting
estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9"><FONT STYLE="color: #007E7A"><B>Mineral
reserves - </B></FONT>The estimates of proven and probable reserves are regularly evaluated and updated. These reserves are determined
using generally accepted geological estimates. The calculation of reserves requires the Company to make assumptions about expected future
conditions that are uncertain, including future ore prices, exchange rates, inflation rates, mining technology, availability of permits
and production costs. Changes in assumptions could have a significant impact on the proven and probable reserves of the Company.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">The estimated volume of mineral
reserves is used as basis for the calculation of depletion of the mineral properties, and also for the estimated useful life which is
a major factor to quantify the provision for asset retirement obligation, environmental recovery of mines and impairment of long-lived
asset. Any changes to the estimates of the volume of mine reserves and the useful lives of assets may have a significant impact on the
depreciation, depletion and amortization charges and assessments of impairment.</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

</DIV>

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

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


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; color: #007E7A; margin-top: 0pt; margin-bottom: 6pt; text-align: left"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><A NAME="a_026"></A><B>19.
Impairment reversal (impairment and disposals) of non-current assets</B></FONT></P>

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

<P STYLE="color: navy; font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; color: black">The
impairment reversal (impairment loss) and result of disposal of non-current assets recognized are presented below</FONT><FONT STYLE="font-weight: normal; color: windowtext">:</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Midwestern System</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(g)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">205</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(78)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Manganese</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(35)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Nouvelle-Cal&eacute;donie S.A.S.&nbsp;&nbsp;(&quot;VNC&quot;)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(m)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(98)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Impairment reversal (impairment) of non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>195</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(211)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Onerous contracts - Midwestern System</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(g)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">916</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(18)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Result of disposals of non-current assets and others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(266)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(338)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(197)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Result of disposals of non-current assets and others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(266)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>578</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(215)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Impairment reversal (impairment) and disposals of non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(266)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>773</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(426)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company tested for impairment the cash generating units
(&ldquo;CGU&rdquo;) for which a triggering event was identified and for goodwill. The recoverable amount of each CGU under the Company&rsquo;s
impairment test was assessed using the fair value less costs of disposal model (&ldquo;FVLCD&rdquo;), through discounted cash flow techniques,
which is classified as &ldquo;level 3&rdquo; in the fair value hierarchy, taking into consideration offers and purchase agreements, if
applicable.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The cash flows were discounted by using a post-tax discount
rate expressed in real terms, which represents an estimate of the rate that a market participant would apply having regard to the time
value of money and the asset&rsquo;s specific risk. The Company used the weighted average cost of capital (&ldquo;WACC&rdquo;) of the
mining segment as a starting point for determining the discount rates, with appropriate adjustments for the risk profile of the countries
in which the individual CGU operate.</P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As outlined in note 2, the potential financial impacts on the
Company of climate change and the transition to a low carbon economy have been considered in the assessment of the Company&rsquo;s critical
accounting estimates, which includes indicators of impairment, such as: (i) demand for the Company&rsquo;s commodities decreasing, due
to policy, regulatory (including carbon pricing mechanisms), legal, technological, market or societal responses to climate change; (ii)
physical impacts related to risks resulting from increased frequency or severity of extreme weather events, and those related to chronic
risks resulting from longer-term changes in climate patterns; and (iii) investments related to decarbonization.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>a) Impairment test for the goodwill and
other intangibles (note 17)</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Goodwill allocated to iron ore and pellet operations </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 37%; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 31%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 31%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Carrying amount</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.473</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.367</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment testing results</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">The recoverable amount of the operating segments is higher than the carrying amount and, therefore, there is no impairment to be recognized.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">The recoverable amount of the operating segments is higher than the carrying amount and, therefore, there is no impairment to be recognized.</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Measurement of recoverable value</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">FVLCD</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">FVLCD</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discount rate</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7.0%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Period of cash flow projections</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2053</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2052</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Range of iron ore forecasted prices</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$/t 75 - 98</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$/t 75 - 95</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Sensitivity of key assumptions</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A 34% reduction in the long-term prices of all commodities or a 61% reduction in reserves would, alone, result in estimated recoverable amount equal to the carrying value of this CGU.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A 29% reduction in the long-term prices of all commodities or a 51% reduction in reserves would, alone, result in estimated recoverable amount equal to the carrying value of this CGU.</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 55 -->
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    <!-- Field: /Page -->

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

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

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 30%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 36%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 34%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Carrying amount</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.789</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.822</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment testing results</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">The recoverable amount of the operating segments is higher than the carrying amount and, therefore, there is no impairment to be recognized.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">The recoverable amount of the operating segments is higher than the carrying amount and, therefore, there is no impairment to be recognized.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Measurement of recoverable value</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">FVLCD</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">FVLCD</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discount rate</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.6% - 5.9%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.5% - 5.3%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Period of cash flow projections</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2034-2048</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2032-2048</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Range of nickel forecasted prices </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$/t 18,000 &ndash; 23,000</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$/t 21,000 &ndash; 24,000</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Sensitivity of key assumptions</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A 12.5% reduction in the long-term prices of all commodities would, alone, result in estimated recoverable amount equal to the carrying value of this group of CGUs. </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A 23.7% reduction In the long-term prices of all commodities would, alone, result in estimated recoverable amount equal to the carrying value of this group of CGUs. </FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Other intangibles - Research and development
project</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 29%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 36%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 35%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Carrying amount</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">568</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">528</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment testing results</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">The recoverable amount of the cash generating unit is higher than the carrying amount and, therefore, there is no impairment to be recognised.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">The recoverable amount of the cash generating unit is higher than the carrying amount and, therefore, there is no impairment to be recognised.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Measurement of recoverable value</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">FVLCD</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">FVLCD</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discount rate</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.4%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Beginning of operation and useful life</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16 years of useful life considering the beginning of operation in 2025</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16 years of useful life considering the beginning of operation in 2025</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Range of iron ore forecasted prices</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$/t 80 - 98</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$/t 85 - 95</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Sensitivity of key assumptions</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A 7.5% reduction in the prices of all commodities or an 67% reduction in in processing and beneficiating iron ore volumes would, alone, result in estimated recoverable amount equal to the carrying value of this asset.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A 12.5% reduction in the prices of all commodities or an A 77% reduction in in processing and beneficiating iron ore volumes would, alone, result in estimated recoverable amount equal to the carrying value of this asset.</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;&nbsp;</B></P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">
<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">b) Impairment recorded on the sale of
investments</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In the past few years, the Company has divested non-strategic
assets, as detailed in note 16 to these financial statements. These transactions resulted in material impacts on Vale's results, which
were recorded under &quot;Impairment reversal (impairment and disposals) of non-current assets, net&quot;, as summarized below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Midwestern system (note 16g) &ndash;</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif">As a result of the agreement for the sale of these assets to J&amp;F, the Company recorded
a gain in the amount of US$1,121 in the income statement for the year ended December 31, 2022 due to the reversal of the impairment of
property, plant and equipment, of which US$214 relates to the property, plant and equipment, and US$916 is due to the onerous contract,
partially offset by losses of US$9 due to working capital adjustments at the closing of the transaction. </FONT></TD></TR></TABLE>

<P STYLE="color: #007E7A; font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Manganese (note 16i) &ndash;</B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif">The
Company has entered into agreements to sell its manganese assets, resulting in an impairment loss of US$10 recorded in the income statement
for the year ended December 31, 2022 (2021: US$35).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>VNC (note 16m) &ndash;</B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif">As
a result of the sale of this asset to Prony Resources, the Company recognized an impairment loss of US$98 in the income statement for
the year ended December 31, 2021.</FONT></TD></TR></TABLE>

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

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


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    <!-- Field: /Page -->

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

<DIV STYLE="background-color: rgb(242,242,242); padding: 1pt 0in; border-top: rgb(166,166,166) 0.5pt solid; border-bottom: rgb(166,166,166) 0.5pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Accounting policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>Impairment
of non-financial assets -</B></FONT> Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount might not be recoverable. An impairment loss is recognized for the amount by which the asset&acute;s carrying
value exceeds its recoverable amount. The recoverable amount is the higher of an asset&rsquo;s fair value less costs of disposal (&ldquo;FVLCD&rdquo;)
and value in use (&ldquo;VIU&rdquo;).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">FVLCD is generally determined
as the present value of the estimated future cash flows expected to arise from the continued use of the asset from a market participant&rsquo;s
perspective, including any expansion prospects. VIU model is determined as the present value of the estimated future cash flows expected
to arise from the continued use of the asset in its present form. Value in use is determined by applying assumptions specific to the
Company&rsquo;s continued use and cannot take into account future development. These assumptions are different to those used in calculating
fair value and consequently the VIU calculation is likely to give a different result to a FVLCD calculation.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">Assets that have an indefinite
useful life and are not subject to amortization, such as goodwill, are tested annually for impairment.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGU). Goodwill is allocated
to Cash Generating Units or Cash Generating Units groups that are expected to benefit from the business combinations in which the goodwill
arose and are identified in accordance with the operating segment.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">Non-current assets (excluding
goodwill) in which the Company recognized impairment in the past are reviewed whenever events or changes in circumstances indicate that
the impairment may no longer be applicable. In such cases, an impairment reversal will be recognized.</P>

</DIV>

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

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

<DIV STYLE="padding: 1pt 4pt; border: #A6A6A6 1pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: #00807A"><B>Critical accounting
estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">Significant judgements, estimates
and assumptions are required to determine whether an impairment trigger has occurred and to prepare the Company&rsquo;s cash flows. Management
uses the budgets approved as a starting point and key assumptions are, but not limited to: (i) mineral reserves and mineral resources
measured by internal experts; (ii) costs and investments based on the best estimate of projects as supported by past performance; (iii)
sale prices consistent with projections available in reports published by industry considering the market price when appropriate; (iv)
the useful life of each cash-generating unit (ratio between production and mineral reserves); and (v) discount rates that reflect specific
risks relating to the relevant assets in each cash-generating unit.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9"><FONT STYLE="font-weight: normal">These
assumptions are susceptible to risks and uncertainties and may change the Company&rsquo;s projection and, therefore, may affect the recoverable
value of assets.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

</DIV>

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_027"></A>20. Financial and capital risk management</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is exposed to several financial and capital risk
factors that may impact its performance and equity position. The evaluation of the exposure to financial and capital risks is performed
periodically to support decision making process regarding the risk management strategy.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company's policy&nbsp;aims at establishing a&nbsp;capital
structure that will ensure&nbsp;the continuity&nbsp;of our business&nbsp;in the long&nbsp;term.&nbsp;Within this&nbsp;perspective, the
Company&nbsp;has been able to deliver value&nbsp;to shareholders&nbsp;through&nbsp;dividend payments and capital gain,&nbsp;and at the
same&nbsp;time maintain&nbsp;a&nbsp;debt profile&nbsp;suitable for&nbsp;its activities, with&nbsp;an amortization&nbsp;well distributed&nbsp;over
the years,&nbsp;thus avoiding&nbsp;a concentration in one&nbsp;specific&nbsp;period.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Board of Directors establishes
and supervises the management of financial risks with the support of the Capital Allocation and Project Advisory Committee that ensures
that Company's financial activities are governed by appropriate policies and procedures and that financial risks are identified, measured
and managed in accordance with the Company's policies and objectives.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company has developed its strategy through an integrated
view of the risks to which it is exposed, considering not only the risk, generated by variables traded in the financial market (market
risk) and the liquidity risk, but also the risk arising from obligations assumed by third parties to the Company (credit risk), among
others.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company uses derivative
financial instruments to protect its exposure to these market risks arising from operating, financing, and investment activities, so that
Vale does not engage in derivative operations that result in leverage exceeding the nominal value of its contracts. The financial instruments
portfolio is reassessed monthly, allowing the monitoring of financial results and their impact on cash flow. The Company applies hedge
accounting to its net investment in foreign operation and nickel revenue program.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 29%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Risks</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 37%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Origin of the exposure</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Management</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Market Risk - Exchange Rate</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial instruments and other financial liabilities that are not denominated in US$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Swap and forward operations</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Market risk - Interest rate</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and financing indexed to different interest rates including, but not limited to, SOFR and CDI</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Swap operations </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Market risk - Product and input prices</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Volatility of commodity and input prices</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Forward operations and option contracts </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Credit Risk</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivables, derivative transactions, guarantees, advances to suppliers and financial investments</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Portfolio diversification and policies for monitoring counterparty solvency and liquidity indicators </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liquidity risk</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Contractual or assumed obligations</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Availability of revolving credit lines </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="color: #00807A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) Method and techniques for valuation
of derivatives</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The risk of the derivatives instruments is measured using the
delta-Normal parametric approach and considers that the future distribution of the risk factors and its correlations tends to present
the same statistic properties verified in the historical data. The value at risk estimate considers a 95% confidence level for a one-business
daytime horizon.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The derivative financial
instruments were evaluated using the curves and market prices that impact each instrument on the calculation dates. For the pricing options,
the Company generally uses the Black &amp; Scholes model. In this model, the fair value of the derivative is obtained as a function of
the volatility and price of the underlying asset, the exercise price of the option, the risk-free interest rate and the term to maturity
of the option. In the case of options where the result is a function of the average price of the underlying asset in a certain period
of the option&rsquo;s life, known as Asian options, the Company uses the Turnbull &amp; Wakeman model. In this model, in addition to the
factors that influence the option price in the Black &amp; Scholes model, the average price formation period is considered.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In the case of swaps, both
the present value of the paying and receiving amounts are estimated by discounting the cash flows by the interest rates in the corresponding
currencies. The fair value is obtained by the difference between the present value of the paying and receiving amounts of the swap in
the reference currency. In the case of swaps linked to Brazilian long-term interest rate (&ldquo;TJLP&rdquo;), the fair value calculation
considers the current TJLP, i.e., projections of future cash flows in reais are made considering the last TJLP disclosed.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Forward and future contracts
are priced using the futures curves of the respective underlying assets. These curves are usually obtained from the exchanges where these
assets are traded, such as the London Metals Exchange (&ldquo;LME&rdquo;), the Commodities Exchange (&ldquo;COMEX&rdquo;) or other market
price providers. When there is no price for the desired maturity, the Company uses interpolations between the available maturities.</FONT></P>


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

<P STYLE="color: #00807A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a.i) Effects of derivatives on the statement
of financial position</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">109</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">144</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">63</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dollar swap and forward transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">650</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">407</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">LIBOR &amp; SOFR swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>763</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>99</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>425</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>214</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.iv)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">52</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">78</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">56</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>52</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>30</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>113</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>57</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>815</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>131</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>538</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>276</B></FONT></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 55%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">79</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(133)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dollar swap and forward transactions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">650</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">400</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">LIBOR &amp; SOFR swap (i)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.ii)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>664</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>211</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.iv)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(c)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>56</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(d)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>684</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>262</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) In March 2021, the UK
Financial Conduct Authority (&ldquo;FCA&rdquo;), the financial regulator in the United Kingdom, announced the discontinuation of the LIBOR
rate for all terms in pounds, euros, Swiss francs, yen and for terms of one week and two months in dollars at the end of December 2021
and the other terms at the end of June 2023. Vale has finalized the negotiations for the replacement of the reference interest rate of
its financial contracts from LIBOR to Secured Overnight Financing Rate (&quot;SOFR&quot;), with spread adjustments to match the transaction
costs.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 10%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Gain (loss) recognized in the income statement</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Reference</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">214</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">394</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(155)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Eurobonds swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dollar swap and forward operations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">667</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">628</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(20)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">LIBOR &amp; SOFR swap </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Treasury Hedge (Forward)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>900</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,130</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(159)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">127</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>43</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>125</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>903</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1.154</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(23)</B></FONT></TD></TR>
  </TABLE>

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



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


<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>a.iv) Effects of derivatives on the cash flows</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007A7E 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial settlement inflows (outflows)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 45%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(98)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(142)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">56</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(18)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Eurobonds swap</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(29)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dollar swap and forward operations</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">454</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">164</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(79)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">LIBOR &amp; SOFR swap</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.ii)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Treasury Hedge (Forward) (i)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.iii)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>476</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>160</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(270)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.iv)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">205</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(c)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>19</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>205</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Derivatives designated as cash flow hedge accounting</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(e)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">85</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(277)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(67)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Palladium</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(e)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Coal</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(70)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">85</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(262)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(132)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>567</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(83)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(197)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) In  2023, the Company carried out and settle the protection
program for US interest rate volatility related to both the issuance and repurchase of bonds.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>b) Market risk - Foreign exchange and interest
rates</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company&rsquo;s cash
flow is exposed to the volatility of several currencies against the U.S. dollar. While most of our product prices are indexed to U.S.
dollars, most of our costs, expenses and investments are indexed to currencies other than the U.S. dollar, principally the Brazilian real
and the Canadian dollar. </FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company implements hedge
transactions to protect its cash flow against the market risks that arises from its debt obligations and other liabilities &ndash; mainly
currency volatility. The hedges cover most of the debt denominated in Brazilian real. The Company uses swap and forward transactions to
convert debt and financial obligations linked to Brazilian real into U.S. dollar, with volumes, flows and settlement dates similar to
those of the debt instruments and financial obligations - or sometimes lower, subject to market liquidity conditions. </FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Hedging instruments with
shorter tenors are renegotiated through time, so that their final maturity matches - or becomes closer - to the debt and financial obligations
final maturity. At each settlement date, the results of the swap and forward transactions partially offset the impact of the foreign exchange
rate in the Company&rsquo;s obligations, contributing to stabilize the cash disbursements in U.S. dollar.</FONT></P>


<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">T<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">o
reduce cash flow volatility, swap and forward transactions were implemented to convert into US$ the cash flows from certain liabilities
denominated in R$ with interest rates linked mainly to Brazilian Interbank Interest rate (&ldquo;CDI&rdquo;), TJLP and consumer price
index (&ldquo;IPCA&rdquo;). In those swaps, the Company pays fixed rates in US$ and receives payments in R$ linked to the interest rates
of the protected liabilities. The swap and forward transactions were negotiated over-the-counter and the protected items are the cash
flows from debt instruments and other liabilities linked to R$.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 28%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Index</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average rate</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2025+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>CDI vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">107</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(83)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 5,162</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 6,356</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">CDI</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 1,196</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 1,475</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>TJLP vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(50)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(25)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 694</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 814</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">TJLP +</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.06%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 173</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 204</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.46%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>79</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(133)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>59</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>IPCA swap vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(36)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 1,078</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 1,294</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">IPCA +</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.54%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 267</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 320</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.88%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(41)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(63)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(36)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>R$ fixed rate vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">600</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">318</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">340</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">333</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">267</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 12,660</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 20,854</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7.36%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 2,431</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 3,948</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Forward</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 1,209</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 4,342</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.19</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">114</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>650</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>400</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>454</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>43</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>372</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>278</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The sensitivity analysis of these derivative financial instruments
is presented as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 43%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 27%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario I </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario II </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>CDI vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">107</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(189)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(485)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">107</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">74</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">38</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">107</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">80</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">52</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: R$ denominated liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>TJLP vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(68)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(109)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(32)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(37)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(34)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(40)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">TJLP interest rate decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(32)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(37)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>IPCA swap vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(106)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(171)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(47)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(55)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(51)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(61)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">IPCA index decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(50)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>R$ fixed rate vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">600</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(538)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">600</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">564</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">526</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">600</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">525</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">453</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Forward</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(49)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">48</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">46</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">46</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">43</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: R$ denominated liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company has also exposure to interest rates risks over
loans and financings. The US Dollar floating rate debt in the portfolio consists mainly of loans including export pre-payments, commercial
banks and multilateral organizations loans.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">To reduce the cash flow volatility, swap transactions were
implemented to convert interest rate indexed to SOFR from certain debt instruments into fixed interest rate. In those swaps, the Company
received floating rates and paid fixed rates in US$.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 28%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Index</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average rate</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2025+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>LIBOR vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">LIBOR</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>SOFR vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;(24)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;10 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;(28)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 2,300</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">SOFR</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 2,300</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.60%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The sensitivity analysis of these derivative financial instruments
is presented as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 39%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 27%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario I </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario II </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>SOFR vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ SOFR decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(25)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(67)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(111)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: SOFR US$ indexed debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ SOFR decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">67</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">111</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 115%"><B><BR STYLE="clear: both">
</B></FONT></P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">To reduce the volatility of the premium paid to investors on
the tender offer transaction issued in 2023, treasury lock transactions were implemented and have already been settled as of December
31, 2023.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>&nbsp;Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 24%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Index</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average rate</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Treasury Hedge (Forward)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is also exposed to market risks associated with
the price volatility of commodities and inputs, especially freight and fuel costs. In line with its risk management policy, risk mitigation
strategies involving commodities are used to reduce cash flow volatility. These mitigation strategies incorporate derivative instruments,
predominantly forward, futures and options.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 33%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average strike (US$)</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Brent crude oil (bbl)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Call options</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19,907,250</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22,600,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">91</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Put options</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19,907,250</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22,600,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(51)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(22)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Forward Freight Agreement (days)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Freight forwards </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,210</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,085</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14,248</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>30</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>30</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0">The sensitivity analysis of these derivative financial instruments is presented
as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 44%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 26%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario I </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario II </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Brent crude oil (bbl)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Options</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Price input decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(111)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(399)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: Part of costs linked to fuel oil prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Price input decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">111</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">399</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Forward Freight Agreement (days)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Freight price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: Part of costs linked to maritime freight prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Freight price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; color: #009999"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #009999"><B>Brent Crude Oil -</B></FONT>
To reduce the impact of fluctuations in fuel oil prices on the hiring and availability of maritime freight and, consequently, to reduce
the Company&rsquo;s cash flow volatility, hedging operations were carried out through options contracts on Brent Crude Oil for different
portions of the exposure. The derivative transactions were traded over-the-counter and the protected item is part of the costs linked
to the price of fuel oil used on ships. The financial settlement inflows/outflows are offset by the protected items&rsquo; losses/gains.
In 2023, the Company renewed the program related to its brent crude oil hedge strategy for 2024.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #009999"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #009999"><B>Freight derivative -</B></FONT>
To reduce the impact of maritime freight price volatility on the Company&rsquo;s cash flow, freight hedging transactions were implemented,
through Forward Freight Agreements (FFAs). The protected item is part of the costs linked to maritime freight spot prices. The financial
settlement inflows/outflows of the FFAs are offset by the protected items&rsquo; losses/gains due to freight price changes. The FFAs are
contracts traded over the counter and can be cleared through a Clearing House, in this case subject to margin requirements.</P>


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<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>c) Other derivatives, including embedded
derivatives in contracts</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value by year</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average strike (US$/ton)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Fixed price nickel sales protection (ton)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel forwards</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,322</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">766</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19,207</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><B>Hedge program for products acquisition </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><B>for resale (ton)</B></P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel forwards</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">384</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(8)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(8)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><B>Embedded derivative (pellet price) in </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><B>natural gas purchase (volume/month)</B></P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Call options</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">746,667</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">746,667</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">233</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(5)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The sensitivity analysis of these derivative financial instruments
is presented as follows:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 50%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 21%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario I </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario II </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Fixed price sales protection (ton)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(35)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: Part of nickel revenues with fixed prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">35</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Hedge program for products acquisition for resale (ton)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: Part of revenues from products for resale</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><B>Embedded derivative (pellet price) in natural gas </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><B>purchase agreement (volume/month)</B></P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Embedded derivatives - Gas purchase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pellet price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="color: teal"><B>Fixed price sales protection</B></FONT><B>
<FONT STYLE="color: #009999">- </FONT></B>The Company started an operational program to protect nickel sales, converting fixed price commercial
contracts with customers to floating price, therefore maintaining the Company&rsquo;s exposure to price fluctuations. The transactions
usually carried out in this program are nickel purchases for future settlement.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="color: teal"><B>Hedge program for products
acquisition for resale - </B></FONT>The Company started a hedge program with forward transactions with the objective of reducing the risk
of price mismatch between the period of purchase and sale of products to third parties.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="color: teal"><B>Embedded derivative (pellet
price) in natural gas purchase agreement </B></FONT><B><FONT STYLE="color: #009999">- </FONT></B>The Company has a natural gas purchase
agreement in which the amount charged to Vale changes based on the pricing level of the pellets sold by the Company to the market.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>d) Hedge accounting</B></P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Gain (loss) recognized in the other comprehensive income</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 43%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 19%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 18%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 20%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net investments hedge</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">139</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">81</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(118)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash flow hedge</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #009999"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="color: #009999"><B>Net investment hedge
</B></FONT>- The Company uses hedge accounting for foreign exchange risk arising from Vale S.A.&rsquo;s net investments in Vale International
S.A. and Vale Holding BV. With the hedge program, the Company's debt with third parties denominated in United States dollars and euros
serves as a hedge instrument for investments in these subsidiaries. In March 2021, the Company redeemed all its euro bonds (note 10).
As a result, the amount of debt designated as a hedge instrument for this investment is US$2,711 as of December 2023. As a result of the
hedge program, the impact of the exchange rate variation on the debt denominated in dollars and euros is now partially recorded in other
comprehensive income, as &ldquo;Translation adjustments&rdquo;.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Nickel revenue hedge program</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Forward</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">85</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>28</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>85</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The sensitivity analysis of these derivative financial instruments
is presented as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 43%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 27%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario I </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Scenario II </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>(&#8710; of 50%)</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 44%; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Nickel Revenue Hedging Program</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 26%; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Forward</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Protected item: Part of nickel revenues with fixed sales prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #009999"><B>Cash flow hedge (Nickel) -</B></FONT>
To reduce the cash flow volatility due to nickel price fluctuations, the Company implemented the Nickel Revenue Hedge Program in 2019.
In this program, hedging operations were executed, through option contracts, to protect a portion of the projected volume of sales at
floating, highly probable realization prices, guaranteeing prices above the average unit cost of nickel production for the protected volumes.
The contracts are traded on the London Metal Exchange or over-the-counter market and the hedged item's P&amp;L is offset by the hedged
item&rsquo;s P&amp;L due to Nickel price variation.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #009999"><B>f) Credit risk management</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is exposed to credit risk that arises from trade
receivables, derivative transactions, guarantees, down payment for suppliers and cash investments. The credit risk management process
provides a framework for assessing and managing counterparties&rsquo; credit risk and for maintaining our portfolio risk at an acceptable
level.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">For the commercial credit exposure, which arises from sales
to final customers, the risk management area, in accordance with the current delegation level, approves or requests the approval of credit
risk limits for each counterparty.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Vale attributes an internal credit risk rating for each counterparty
using its own quantitative methodology for credit risk analysis, which is based on market prices, external credit ratings and financial
information of the counterparty, as well as qualitative information regarding the counterparty&rsquo;s strategic position and history
of commercial relations.</P>


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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Based on the counterparty&rsquo;s credit risk, risk mitigation
strategies may be used to manage the Company&rsquo;s credit risk. The main credit risk mitigation strategies include non-recourse sale
of receivables, insurance instruments, letters of credit, corporate and bank guarantees, mortgages, among others.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #009999"><B>f.i) Accounts receivable portfolio</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Vale has a diversified accounts receivable portfolio from a
geographical standpoint, with Asia, Europe and Brazil as the regions with more significant exposures. According to each region, different
guarantees can be used to enhance the credit quality of the receivables. Historically, the expected credit loss on the Company&rsquo;s
accounts receivable portfolio is immaterial (note 11).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #009999"><B>f.ii) Financial instruments, except for
accounts receivable </B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">To manage the credit exposure arising from cash investments
and derivative instruments, credit limits are approved to each counterparty with whom the Company has credit exposure. Furthermore, the
Company controls the portfolio diversification and monitors different indicators of solvency and liquidity of the different counterparties
that were approved for trading. The carrying amount of the financial assets that represent the exposure to credit risk is presented below:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 53%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,609</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,736</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">77</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,215</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">815</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">538</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in equity securities</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,524</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,634</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 48%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Derivatives</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Derivatives</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Aa1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Aa2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">338</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">342</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Aa3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">239</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,022</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,746</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">97</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">309</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">293</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">938</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">145</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">186</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">918</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">63</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Baa1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Baa2</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ba1 (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">85</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ba2 (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">287</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">314</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">411</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">174</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ba3 (i)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">373</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">136</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">164</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,660</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>815</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,797</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>538</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>g) Liquidity risk management</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The liquidity risk arises from the possibility that Vale might
not perform its obligations on due dates, as well as face difficulties to meet its cash requirements due to market liquidity constraints.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The available revolving credit facilities are intended to assist
short term liquidity management and to enable more efficiency in cash management and were provided by a syndicate of several global commercial
banks. The Company has two revolving credit facilities, in the amount of US$5,000, for which US$3,000 have maturity date in 2024 and US$2,000
in 2026. As of December 31, 2023, these lines were not drawn.</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt -0.05pt 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: #D9D9D9 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/130% Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Accounting
policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 1pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">The
Company uses financial instruments to hedge its exposure to certain market risks arising from operational, financing and investing activities.
Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective
hedging instruments (hedge accounting). </FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 1pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 1pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">At
the beginning of the hedge operations, the Company documents the type of hedge, the relation between the hedging instrument and hedged
items, its risk management objective and strategy for undertaking hedge operations. The Company also documents, both at hedge inception
and on an ongoing basis that the hedge is expected to continue to be highly effective. The Company has elected to adopt the new general
hedge accounting model in IFRS 9 and designates certain derivatives as either:</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 1pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 1pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="color: #007E7A">Cash
flow hedge -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">The effective portion of changes in the fair value of derivatives
that are designated and qualify as cash flow hedges is recognized in equity within &quot;Unrealized fair value gain (losses)&quot;. The
gain or loss relating to the ineffective portion is recognized immediately in the income statement. When a hedging instrument expires
or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that
time remains in equity and is recognized in profit or loss when the transaction is recognized in the income statement.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 1pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 1pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="color: #007E7A">Net
investment hedge -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Hedges of net investments in foreign operations are accounted
for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized
in equity within &quot;Cumulative translation adjustments&quot;. The gain or loss relating to the ineffective portion is recognized immediately
in the income statement. Gains and losses accumulated in equity are included in the statement of income when the foreign operation is
partially or fully disposed of or sold.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 1pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="color: #007E7A">Derivatives
at fair value through profit or loss - </FONT><FONT STYLE="font-weight: normal; color: windowtext">Certain derivative instruments do not
qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are recognized immediately in the income
statement.</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt -0.05pt 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: #D9D9D9 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<DIV STYLE="padding: 1pt 4pt; border: #A6A6A6 1pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; background-color: #D9D9D9; color: teal"><B>Critical accounting estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">The fair values of financial instruments
that are not traded in active markets are determined using valuation techniques. Vale uses its own judgment to choose between the various
methods. Assumptions are based on the market conditions, at the end of the year. An analysis of the impact if actual results are different
from management's estimates is present under &ldquo;Sensitivity analysis of derivative financial instruments&rdquo;.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 5pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

</DIV>

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

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


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    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_028"></A>21. Financial assets and liabilities</B></P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 37%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial assets</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,609</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,609</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,736</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,736</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">271</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">271</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">342</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">342</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">362</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,835</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,197</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">538</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,781</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,319</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,971</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,157</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,128</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,274</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,184</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,458</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">798</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">798</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,215</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,215</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">77</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">77</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">544</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">544</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">196</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">196</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in equity securities</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>802</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>45</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>544</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,391</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,292</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>196</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,495</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total of financial assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,773</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>45</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,701</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,519</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,566</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,380</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,953</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,272</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,272</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,461</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,461</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">90</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">90</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">824</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">824</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">307</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">307</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">197</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">197</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">182</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">182</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to the concession grant </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">591</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">591</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">416</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">416</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial liabilities - Related parties </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">290</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">290</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">400</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">400</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Contract liability and financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">759</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">759</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">766</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">766</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,933</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>36</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,969</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,532</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>90</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,622</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">95</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">95</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">186</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">186</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,647</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,647</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,874</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,874</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,255</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,255</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,349</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,349</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participative shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,874</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,874</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,725</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,725</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to the concession grant </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,278</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,278</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,554</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,554</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial guarantees </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>16,180</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,969</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>19,149</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,777</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,014</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,791</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total of financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>24,113</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,005</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>27,118</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>21,309</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,104</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>24,413</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>51</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>61</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">815</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>815</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">538</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>538</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,835</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,835</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,781</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,781</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in equity securities</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>45</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>51</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,695</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,746</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>61</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,326</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,387</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">131</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>131</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">276</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>276</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participative shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,874</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,874</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,725</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,725</B></FONT></TD></TR>

<TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 36%; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial guarantees</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>103</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,005</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,005</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,104</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,104</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 68 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Loans and borrowings are
recorded at their contractual values. To determine the market values of these financial instruments traded in public markets, the closing
market quotations on the balance sheet dates were used. The Company considers that for the other financial liabilities measured at amortized
cost, their book values are close to their fair values and therefore information on their fair values is not being presented.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 48%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Bonds</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,253</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,404</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,256</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,253</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Debentures</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">221</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">213</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">240</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">225</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Debt contracts in Brazil in:</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">250</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">250</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">280</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">278</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$, with fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Basket of currencies and bonds in US$ indexed to SOFR</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">153</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">168</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,504</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,950</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,304</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,391</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">81</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">85</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">90</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">91</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,471</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,079</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,181</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,249</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<DIV STYLE="margin-right: -0.05pt; margin-left: 0in; padding: 1pt 0in 0in; border-top: #A6A6A6 0.5pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Accounting policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

</DIV>

<DIV STYLE="padding: 0in 0in 1pt; border-bottom: #A6A6A6 0.5pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>Classification
and measurement -</B></FONT> The Company classifies financial instruments based on its business model for managing the assets and the
contractual cash flow characteristics of those assets. The business model test determines the classification based on the business purpose
for holding the asset and whether the contractual cash flows represent only payments of principal and interest.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Financial instruments are measured
at fair value through profit or loss (&ldquo;FVTPL&rdquo;) unless certain conditions are met that permit measurement at fair value through
other comprehensive income (&ldquo;FVOCI&rdquo;) or amortized cost. Gains and losses recorded in other comprehensive income for debt instruments
are recognized in profit or loss only on disposal.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Investments in equity instruments
are measured at FVTPL unless they are eligible to be measured at FVOCI, whose gains and losses are never recycled to profit or loss.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">All financial liabilities are initially
measured at fair value, net of transaction costs incurred and are subsequently carried at amortized cost and updated using the effective
interest rate method. Excepts for Participative shareholders&rsquo; debentures and Derivative financial instruments that are measured
at FVTPL.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>Fair
value hierarchy -</B></FONT> The Company classifies financial instruments within the fair value hierarchy as:</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Level 1: The fair value of financial
instruments traded in active markets (e.g. derivatives and publicly traded shares) is based on quoted market prices at the end of the
financial statements period.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Level 2: The fair value of financial
instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation techniques that
maximize the use of observable market data. If all significant data required for the fair value of an instrument are observable, the
instrument is included in level 2.</P>




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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Level 3: If one or more of the significant
data are not based on observable market data, the instrument is included in level 3. The fair value of derivatives classified as level
3 is estimated using discounted cash flows and option valuation models with unobservable inputs of discount rates, stock prices and commodity
prices.</P>

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

</DIV>

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

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

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


<!-- Field: Page; Sequence: 69 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_029"></A>22. Participative shareholders&rsquo; debentures</B></P>

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Holders of participative shareholders&rsquo; debentures have
the right to receive semi-annual payments equal to an agreed percentage of revenues less value-added tax, transport fee and insurance
expenses related to the trading of the products, derived from these mineral resources.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The effects on the income statement and on the statement of
financial position are shown below:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average price (R$)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial results </B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 33%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participative shareholders&rsquo; debentures </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35,80</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">36.59</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49.10</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(179)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">659</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(716)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,874</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,725</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,419</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company made available for withdrawal as remuneration the
following amounts, as disclosed on the &ldquo;Shareholders&rsquo; debentures report&rdquo; available on the Company&rsquo;s website, which
were not incorporated by reference:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Availability date</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Remuneration amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Remuneration for the first half of 2023</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">October 2, 2023</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">106</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Remuneration for the second half of 2022</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">April 3, 2023</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">127</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Year ended December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>233</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Remuneration for the first half of 2022</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">October 3, 2022</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">137</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Remuneration for the second half of 2021</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">April 1, 2022</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">234</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Year ended December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>371</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Remuneration for the first half of 2021</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">October 1, 2021</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">225</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Remuneration for the second half of 2020</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">April 1, 2021</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">193</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Year ended December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>418</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<DIV STYLE="margin-right: -0.05pt; margin-left: 0in; padding: 1pt 0in 0in; border-top: #A6A6A6 0.5pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Accounting policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

</DIV>

<DIV STYLE="padding: 0in 0in 1pt; border-bottom: #A6A6A6 0.5pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The participative shareholders&rsquo;
debentures are measured at fair value through profit or loss based on the market approach, representing the amount that would be paid
for the acquisition of these securities on the measurement date and, therefore, also implicitly includes the remuneration to the debenture
holder. To calculate the fair value of the liabilities, the Company uses the weighted average price of the secondary market trades in
the last month of period.</P>

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

</DIV>

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

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


<!-- Field: Page; Sequence: 70 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_030"></A>23. Loans, borrowings, cash and cash equivalents
and short-term investments</B></P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 23%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,471</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,181</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Leases (note 24)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,452</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,531</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Gross debt</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,923</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,712</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(-) Cash and cash equivalents</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,609</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,736</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(-) Short-term investments (i)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(-)
    Net Cash PTVI (note 16b)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">703</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net debt</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,560</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,915</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Substantially comprises investments in an exclusive investment
fund, which portfolio is made by committed transactions and Selic Treasury Notes (&ldquo;LFTs&rdquo;), which are floating-rate securities
issued by the Brazilian government.</P>

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

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

<P STYLE="color: #007E7A; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Cash and cash equivalents</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 56%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">953</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,770</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,516</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,798</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other currencies</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">140</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">168</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,609</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,736</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; color: #007E7A; margin-top: 0pt; margin-bottom: 6pt; text-align: left"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">c)
Loans and borrowings</FONT></P>

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

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; color: #007E7A; margin-top: 0pt; margin-bottom: 6pt; text-align: left"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">i)
Outstanding balance of loans and borrowings by type and currency</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average interest rate (i)</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ Bonds</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.02%</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,157</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,157</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ Debentures (ii)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10.17%</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">96</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">119</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">186</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Debt contracts in Brazil in (iii):</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10.12%</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">200</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">232</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$, with fixed interest</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Basket of currencies and bonds in US$ indexed to SOFR</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.80%</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">150</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.59%</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">500</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,945</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,212</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.12%</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: silver 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.87%</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">67</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">78</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Accrued charges</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">167</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">147</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>824</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>307</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,647</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,874</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) In order to determine
the average interest rate for debt contracts with floating rates, the Company used the rate applicable as of December 31, 2023.</FONT></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) The Company has debentures in Brazil obtained for the Company's
infrastructure investment projects.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(iii) The Company entered into derivatives to mitigate the exposure
to cash flow variations of all floating rate debt contracted in Brazil, resulting in an average cost of 3.39% per year in US$.</P>

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



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The reconciliation of loans
and financing with cash flows resulting from financing activities is presented in note 10(C).</FONT></P>



<!-- Field: Page; Sequence: 71 -->
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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%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; color: #007E7A; margin-top: 0pt; margin-bottom: 6pt; text-align: left"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">ii)
Future flows of principal and interest of loans and borrowings payments</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 53%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Principal</B></FONT></TD>
    <TD STYLE="width: 26%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Estimated future </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>interest payments (i)</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2024</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">657</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">779</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2025</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">451</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">752</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2026</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">572</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">724</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2027</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,700</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">625</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Between 2028 and 2030</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,274</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,540</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2031 onwards</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,650</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,182</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12,304</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,602</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) Based on interest rate
curves and foreign exchange rates applicable as of December 31, 2023 and considering that the payments of principal will be made on their
contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the annual
financial statements.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">For the year ended in 2023, 2% of total interest incurred in
Loans and borrowings was capitalized (2022: 7%) (note 6). Loan and Borrowing costs that are not capitalized were recognized in the income
statement of the year in which they are incurred.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Some of the Company&rsquo;s loans and borrowings agreements
with lenders contain financial covenants. The primary financial covenants in those agreements require maintaining certain ratios, such
as debt to EBITDA (as defined in note 4a) and interest coverage. The Company did not identify any instances of noncompliance as of December
31, 2023.</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: #A6A6A6 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Accounting policy</B></P>

<DIV STYLE="padding: 0in 0in 1pt; border-bottom: #A6A6A6 0.5pt solid">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Loans and borrowings are initially
measured at fair value, net of transaction costs incurred and are subsequently carried at amortized cost and updated using the effective
interest rate method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the Income
statement over the period of the loan, using the effective interest rate method. The fees paid in obtaining the loan are recognized as
transaction costs. The Company contracts derivatives to protect its exposure to changes in debt cash flows, changing the average cost
of debts that have hedge derivatives contracted.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Loans and borrowing costs are capitalized
as part of property, plants and equipment if those costs are directly related to a qualified asset. The capitalization occurs until the
qualified asset is ready for its intended use. Interest on loans and borrowing not capitalized is recognized in profit or loss for the
year when incurred.</P>

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

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

</DIV>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_031"></A>24. Leases</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 33%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Additions and contract modifications</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Transfer to asset held for sale</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ports</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">657</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(59)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">628</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vessels</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">453</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(42)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">415</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pelletizing plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">204</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(51)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">193</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Properties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">87</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(25)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">80</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equipment and Installment of mining</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,455</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>74</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(190)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(8)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>28</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,359</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 30%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Additions and contract modifications </B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Payments (i)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Interest</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Transfer to liabilities held for sale</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ports</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">690</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(66)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">682</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vessels</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">441</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">397</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pelletizing plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">222</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(64)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">207</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Properties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">105</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">102</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">52</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Mining equipment </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,531</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>74</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(233)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>62</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(9)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>27</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,452</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">182</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">197</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,349</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,255</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,531</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,452</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The total amount of the variable lease payments not included
in the measurement of lease liabilities was US$112 recorded in the income statement for the year ended December 31, 2023, (2022:US$ 367).</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 20%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2026</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2027</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2028 onwards</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Remaining term (years)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Discount rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ports</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">69</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">56</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">737</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>975</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3 to 20</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4% to 5%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vessels</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">292</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>518</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2 to 10</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3% to 4% </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pelletizing plants</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">115</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>259</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 10</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2% to 6% </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Properties</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">38</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>114</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 10</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2% to 6% </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy plants</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>77</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 7</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;5% to 6% </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Mining equipment</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3% to 6% </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>236</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>210</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>151</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>132</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,228</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,957</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 73 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="padding: 1pt 0in; border-top: #A6A6A6 0.5pt solid; border-bottom: #A6A6A6 0.5pt solid">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Accounting policy</B></P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The Company recognizes a right-of-use
asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the
initial amount of the lease liability adjusted for any lease payments made at or before the commencement date. The right-of-use asset
is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the lease term or the
end of the useful life of the right-of-use asset.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The Company does not recognize right-of-use
assets and liabilities for leases with less than 12 months of lease term and/or leases of low-value assets. The payments associated to
these leases are recognized as an expense on a straight-line basis over the lease term.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The lease liability is initially
measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, the Company&rsquo;s incremental borrowing rate. Lease payments included in the measurement of the lease liability
comprise: (i) fixed payments, including in-substance fixed payments; (ii) variable lease payments that depend on an index or a rate; and
(iii) the exercise price under a purchase option or renewal option that are under the Company&rsquo;s control and is reasonably certain
to be exercised.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The lease liability is measured
at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a
change in an index or rate. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use
asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.</P>

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

</DIV>

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_032"></A>25. Brumadinho dam failure</B></P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As a result of the dam failure, the Company recognized provisions
to meet its assumed obligations, including indemnification to those affected by the event, remediation of the impacted areas and compensation
to the society. Changes in the provisions are shown below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 34%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Revision to estimates and new provisions</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Monetary and present value adjustments </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Disbursements </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Judicial Settlement for Integral Reparation</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payment obligations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">882</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">79</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(495)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">62</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">562</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Provision for socio-economic reparation and others</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">867</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">97</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(423)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">55</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">592</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Provision for social and environmental reparation </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">777</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">82</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(86)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">61</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">843</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,526</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>39</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>258</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,004)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>178</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,997</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Other obligations</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Tailings containment, geotechnical safety and environmental reparation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">559</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">200</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">58</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(175)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">42</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">684</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Individual indemnification</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">45</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">104</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(78)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">83</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">182</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">133</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">38</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(73)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">296</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>786</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>437</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>105</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(326)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>61</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,063</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Liability</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,312</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>476</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>363</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,330)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>239</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,060</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">The cash flow for obligations
are estimated for an average period ranging from 5 to 7 years and were discounted at present value at a rate in nominal terms, which
decreased from 9.08% on December 31, 2022, to 8.36% on December 31, 2023.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition, the Company has incurred expenses, which have
been recognized straight to the income statement as &ldquo;other operating expenses, net&rdquo; (note 5c), in relation to tailings management,
communication, humanitarian assistance, payroll, legal services, water supply, among others. The Company incurred expenses in the amount
of US$499, US$626 and US$650 for the years ended December 31, 2023, 2022 and 2021, respectively.</P>


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

<DIV STYLE="padding-top: 1pt; padding-bottom: 1pt">

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Judicial
Settlement for Integral Reparation</B></P>

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

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

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


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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Other
obligations</B></P>

</DIV>


<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is also working to ensure geotechnical safety of
the remaining structures at the C&oacute;rrego do Feij&atilde;o mine, in Brumadinho, and the removal and proper disposal of the tailings
of Dam I, including dredging part of the released material and de-sanding from the channel of the river Paraopeba. In 2023, the review
of estimates to carry out these actions resulted in an addition to the provision in the amount of US$200 (2022: US$303).</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">For the individual indemnification, Vale and the Public Defendants
of the State of Minas Gerais formalized an agreement on April 5, 2019, under which those affected by the Brumadinho&rsquo;s dam failure
may join an individual or family group out-of Court settlement agreements for the indemnification of material, economic and moral damages.
This agreement establishes the basis for a wide range of indemnification payments, which were defined according to the best practices
and case law of Brazilian Courts, following rules and principles of the United Nations.</P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Public
civil actions brought by the State of Minas Gerais and state public prosecutors for damages resulting from the failure of Dam I</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is party to public civil actions brought by the
State of Minas Gerais and justice institutions, claiming compensation for socioeconomic and socio-environmental damages resulting from
the dam failure and seeking a broad range of decisions ordering Vale to execute specific remediation and reparation actions. As a result
of the Judicial Settlement for Integral Reparation, settled in February 2021, the requests for the reparation of socio-environmental and
socioeconomic damages caused by the dam failure were substantially resolved. Indemnifications for individual damages were excluded from
the Judicial Settlement for Integral Reparation, and the Term of Commitment signed with the Public Defendants of the State of Minas Gerais
was ratified, whose parameters are utilized as a basis for the settlement of individual agreements. The likelihood of a financial loss
to the Company is classified as possible and it is not yet possible to reliably estimate the amount of a potential loss to Vale.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Public
civil action and investigation under the Brazilian Anticorruption Law </B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In October 2020, the Brazilian Office of the Comptroller General
(&ldquo;CGU&rdquo;) notified the Company about an administrative proceeding prosecution based on the same allegations mentioned above
under the Brazilian Law 12,846/2013 in connection with inspection and monitoring activities related to the Brumadinho dam. In August 2022,
the CGU concluded that Vale has failed to present reliable information to the Brazilian National Mining Agency (&ldquo;ANM&rdquo;), as
once a positive stability condition statement (&ldquo;DCE&rdquo;) was issued for the Dam I, where it should be negative in the view of
the CGU. Thus, even recognizing the non-existence of corruption acts or practices, the CGU fined Vale US$18 (R$86 million), which is the
minimum amount established by law (for example, the CGU recognizes the non-involvement or tolerance of the Company&rsquo;s top management).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In September 2023, CGU denied the request for reconsideration
filed by the Company and, therefore, Vale paid the fine of US$18 (R$86 million) during the year ended December 31, 2023. Vale disagrees
with the decision and is adopting the appropriate legal measures.</P>


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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Class
action in the United States</B></P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Upon the filing of a pre-motion letter for the Motion for Summary
Judgment by Vale, the Court should decide whether the Parties may file their motion for summary judgment. In addition, a Court hearing
will be held in 2024, with oral arguments before the Court on the Motion for Class Decertification filed by Vale.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">On November 24, 2021, a new complaint was filed before the
same Court by eight Plaintiffs, all investment funds, as an &ldquo;opt-out&rdquo; litigation from the class action already pending in
the Eastern District of New York court, asserting virtually the same allegations in the main class action. The Parties are still exchanging
briefs on the merits of the claims.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The likelihood of loss of these proceedings is considered possible.
However, considering the current phase of this class action, it is not yet possible to reliably estimate the amount of a potential loss.
The amount of damages sought in these claims is unspecified.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #A6A6A6 0.5pt solid"><B>Criminal
proceedings and investigations</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In January 2020, the State Prosecutors of Minas Gerais (&ldquo;MPMG&rdquo;)
filed criminal charges against 16 individuals (including former executive officers of Vale and former employees) for a number of potential
crimes, including homicide, and against Vale S.A. for alleged environmental crimes.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In November 2021, the Brazilian Federal Police concluded the
investigation on potential criminal responsibility related with the Brumadinho dam failure and the final report sent to the Federal Public
Prosecutors (&ldquo;MPF&rdquo;).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In January 2023, after the Federal Supreme Court recognized
the competence of the Federal Court, the MPF ratified the complaint presented by MPMG, which was received by the competent authority.
The MPF and the Brazilian Federal Police conducted a separate investigation into the causes of the dam failure in Brumadinho, which may
result in new criminal proceedings. Vale is defending itself against the criminal claims and is not possible to estimate when a decision
will be issued. The likelihood of a financial loss to the Company is classified as possible and it is not yet possible to reliably estimate
the amount of a potential loss to Vale.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Public
civil actions brought by labor unions</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In 2021, public civil actions were filed with Labor Court of
Betim in the State of Minas Gerais, by a workers' unions claiming the compensation for death damages to own and outsourced employees,
who died as a result of the failure of Dam I. Initial decisions sentenced Vale to pay US$200 thousand (R$1 million) per fatality. In June
2023, the Superior Labor Court ruled the lawsuit filed by workers&rsquo; union, sustaining the initial decision that condemned Vale. The
Company is defending itself in the lawsuits and considers that the likelihood of loss is possible.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #A6A6A6 0.5pt solid"><B>Securities
and Exchange Commission (&ldquo;SEC&rdquo;) and investigations conducted by the CVM</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">On April 28, 2022, the SEC filed a lawsuit against Vale in
the U.S. District Court for the Eastern District of New York, alleging that certain Vale&rsquo;s disclosures related to dam safety management
prior to the dam failure in Brumadinho violated U.S. securities laws. On March 28, 2023, Vale reached a settlement with the SEC to fully
resolve this litigation. Under the agreement, without admitting or denying the settled claims, Vale paid US$56 during the year ended December
31, 2023. The settlement resolves the litigation without judgment on the claims based upon intentional or reckless fraud. In April 2023,
the settlement was approved and granted by the Court.</P>

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

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


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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #A6A6A6 0.5pt solid"><B>Arbitration
proceedings in Brazil filed by shareholders, a class association and foreign investment funds</B></P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In the six proceedings, the claimants argue that Vale was aware
of the risks associated with the dam and failed to disclose it to its shareholders. Based on such argument, they claim compensation for
losses caused by the decrease in share price.</P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In one of the proceedings filed by foreign funds, the Claimants
initially estimated the amount of the alleged losses would be approximately US$359 (R$1,800 million). In another proceeding filed by foreign
funds, the Claimants initially estimated the amount of the alleged losses would be approximately US$779 (R$3,900 million). The Company
disagrees with the ongoing proceedings and understands that, in this case and at the current stage of the proceedings, the probability
of loss in the amount claimed by the foreign funds is remote.</P>

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

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #A6A6A6 0.5pt solid"><B>Other
proceedings </B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Vale
is defendant in a number of investigations and proceedings brought by individuals, business entities, investors, associations, unions,
legislative bodies, non-governmental organizations and other entities seeking remediation and compensation for environmental, property
and personal damages resulting from the Brumadinho dam failure, including alleged violations of securities laws. The potential loss was
US$94 as of December 31, 2023 (2022: US$132) and the likelihood of a potential loss to the Company is classified as possible.</P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is negotiating with insurers the payment of indemnification
under its civil liability and Directors and Officers Liability Insurance. In 2023, the Company received US$30 from insurers (2022: US$6)
which was recorded in income statement as &ldquo;other operating expenses, net&rdquo; (note 5c).</P>

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

<DIV STYLE="padding: 1pt; border: gray 1pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>Critical accounting
estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">The provision for social, economic
and environmental reparation may be affected by factors including, but not limited to: (i) changes in the current estimated market price
of the direct and indirect cost related to products and services, (ii) changes in timing for cash outflows, (iii) changes in the technology
considered in measuring the provision, (iv) number of individuals entitled to the indemnification payments, (v) resolution of existing
and potential legal claims, (vi) demographic assumptions, (vii) actuarial assumptions, and (viii) updates in the discount rate.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">Thus, the amounts actually incurred
by the Company may differ from the amounts currently provisioned, due to the confirmation of the assumptions used and which depend on
several factors, some of which are not under the Company's control. These changes could result in a material impact on the amount of the
provision in future periods. At each presentation date of its financial statements, the Company will reassess the main assumptions used
in the preparation of projected cash flows and will adjust the provision, when applicable.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

</DIV>

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_033"></A>26. Liabilities related to associates and
joint ventures</B></P>

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

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

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

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


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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">These
agreements aim to remediate and provide compensation for damage caused, of which Samarco has primary responsibility for funding the obligations,
and Vale and BHPB have secondary funding obligations under the Framework Agreement in proportion to their 50 per cent shareholding in
Samarco.</P>

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In May 2023, Vale S.A. entered into a binding agreement jointly
with BHPB, Samarco and certain creditors which hold together more than 50% of Samarco's debt, setting the parameters of Samarco&rsquo;s
debt restructuring to be implemented through a consensual restructuring plan, which was approved by the creditors, submitted to the JR
Court in July 2023, and confirmed by the judge in September 2023.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In December 2023, Samarco&rsquo;s existing US$4.8 billion of
financial debt held by creditors was exchanged for approximately US$3.9 billion of long-term unsecured debt, bearing interest from 2023
to 2031.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">After the execution of the plan, Samarco has a lean capital
structure, in line with its operational ramp-up and cash flow generation. The plan considers the fund of the reparation and compensation
programs capped at US$ 1 billion from 2024 to 2030 and additional contributions after that period due to the Samarco&rsquo;s projected
cash flows generation.</P>

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

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


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A; background-color: white"><B>b)
</B></FONT><B><FONT STYLE="color: teal">Main</FONT> <FONT STYLE="color: #007E7A">contingent liabilities</FONT></B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Public
Civil Action filed by the Federal Government and others and public civil action filed by the Federal Public Ministry (&quot;MPF&quot;)</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Vale is a defendant in several legal proceedings brought by
governmental authorities and civil associations claiming recover socioenvironmental and socioeconomic damages and a number of specific
remediation measures as a result of the Samarco&rsquo;s Fund&atilde;o dam failure, including a claim brought by the Federal Public Prosecution
Office in 2016 seeking several measures that amount to US$31 billion (R$155 billion), subject to interest and monetary adjustments, which
the effect for Vale would be 50% of this amount.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">This Public Civil Action was suspended as a result of the ratification
of TacGov agreement. However, as pre-requisites established in the TacGov Agreement, for renegotiation of the Framework Agreement were
not implemented during the established period, in 2020, the Brazilian Federal and State prosecutors and public defenders filed a request
for the immediate resumption of this claim.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Therefore, Vale, Samarco, BHPB and Federal and State prosecutors
have been engaging in negotiations to seek a definitive settlement of the obligations under the Framework Agreement and the US$31 billion
(R$155 billion) Federal Public Prosecution Office claim. The goal in signing a potential settlement agreement is to provide a stable
framework for the execution of reparation and compensation measures related to the Samarco dam rupture, it also aims to settle all lawsuits
brought by the public authorities involved.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Judicial
decision requesting cash deposits and increase on the territories affected by the collapse</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In March 2023, as part of a proceeding related to a potential
increase on the number of territories recognized as affected by the collapse of Samarco&rsquo;s Fund&atilde;o dam and covered by the TTAC,
a Federal Court issued a decision ordering Vale and BHP Brasil to make judicial deposits in the total amount of US$2.1 billion (R$10.3
billion), in ten installments, which the effect for Vale would be 50% of this amount. On April 28, 2023, the Federal Court granted the
companies' request for a suspensive effect on the decision that determined this deposit.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In August 2023, the judge issued a judicial decision recognizing
the existence of new territories impacted by the collapse of the Fund&atilde;o dam. The Company is adopting the appropriate legal measures
and believes its provisions are sufficient to comply with the TTAC obligations.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #A6A6A6 0.25pt solid"><B>Judicial
decision on collective moral damages</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In January 2024 (subsequent event), the 4th Federal Lower Civil
Court of Belo Horizonte issued a judicial decision requiring the payment of collective moral damages in the amount of US$9.5 billion (R$47.6
billion) (the effect for Vale would be 50% of this amount), subject to monetary adjustments from the date of the decision and interests
from November 2015. The Company is defending itself and believes the likelihood of loss in relation of the merits of these proceedings
is possible, however, the likelihood of loss in the alleged amount is assessed as remote.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><FONT STYLE="background-color: white"><B>c)
Provision related to the Samarco dam failure</B></FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In preparing these financial statements, Vale has considered
all information available from the status of the potential settlement agreement, the claims related to the Samarco dam failure and the
extent to which Samarco may be able to fund any future outflows.&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As a result, the Company recognized an addition to the provision
in the amount of US$1,200, reflecting the change in Vale&rsquo;s assessment of potential outflows to resolve all aspects of the reparation
and compensation of the Samarco dam failure. The changes on the provision are presented below:</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 79%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance on December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&nbsp;3,321 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Addition to the provision due to change in estimates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,200</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Monetary and present value adjustments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">198</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disbursements </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(553)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">261</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance on December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&nbsp;4,427 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">The cash outflows to meet the obligations are discounted at
present value at a rate in nominal terms, which decreased from 9.51% on December 31, 2022, to 8.90% on December 31, 2023.</P>




<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 8pt; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>d)</B></FONT><B> <FONT STYLE="color: #007E7A">Other
contingent liabilities </FONT></B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As of December 31, 2023, Vale has certain contingent liabilities
arising as a consequence of the Samarco dam failure. The main updates regarding the lawsuits in the year were as follows:</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>London
Contribution claim</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As a result of the rupture of Samarco&rsquo;s Fund&atilde;o dam failure, BHP Group
Ltd (&ldquo;BHP&rdquo;) was named as defendant in group action claims for damages filed in the courts of England and Wales for various
plaintiffs, between individuals, companies and municipalities from Brazil that were supposedly affected by the Samarco dam failure (the &ldquo;UK Claim&rdquo;).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">On December 2022, BHP filed a &ldquo;Contribution Claim&rdquo;
against Vale, requesting the Company to share the indemnification established in the UK Claim. Both the Contribution Claim and the UK
Claim are still ongoing, and there has not been any decision on their merits. It is not yet possible to reliably estimate the amount of
a potential loss to Vale.</P>

<!-- Field: Page; Sequence: 79 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Criminal
proceedings</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In September 2019, the federal court dismissed all criminal
charges against Vale representatives relating to the first group of charges, which concerns the results of the Fund&atilde;o dam failure,
remaining only the legal entity in the passive pole. The second group of charges against Vale S.A. and one of the Company&rsquo;s employees,
which concerns the accusation of alleged crimes committed against the Environmental Public Administration, remained unchanged. The Company
cannot estimate when a final decision on the case will be issued. The likelihood of loss is classified as possible and it is not yet possible
to reliably estimate the amount of a potential loss to Vale.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

<P STYLE="font: 12pt Vale Sans,sans-serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #A6A6A6 0.25pt solid"><B>Tax
proceeding</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In September 2018, the federal tax authorities filed a request
before a federal court in Belo Horizonte for an order to Vale&rsquo;s assets to secure the payment of Samarco&rsquo;s federal tax and
social security debts, in the amount of approximately US$ 2.3 billion (R$11 billion) (as of June 2018). In May 2019, a favorable decision
was issued dismissing the claim without prejudice, due to lack of procedural interest. The General Attorney for the National Treasury
(Procuradoria Geral da Fazenda Nacional - &ldquo;PGFN&rdquo;) filed an appeal to the local court, and a decision is pending.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #A6A6A6 0.25pt solid"><B>Other
proceedings </B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Vale is defendant in several private actions, before
different state and federal courts in the states of Minas Gerais and Esp&iacute;rito Santo, brought by individuals and other entities
seeking remediation and compensation for environmental, property and personal damages resulting from the Samarco dam failure.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>e) Tax consequences for Vale arising from
the consensual restructuring plan of Samarco</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The plan provides that additional cash demands from Renova
Foundation will be made through capital contributions to Samarco. The contributions have been carried out directly by Vale and BHPB to
the Renova Foundation on behalf of Samarco and, therefore, they were deemed tax deductible as incurred, according to the Brazilian tax
regulation.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Therefore, due to the change in the mechanism to fund Renova,
Vale will no longer be allowed to deduct future payments from its income tax computation as they are not tax deductible in Brazil. Thus,
the deferred income tax asset over the provision in the amount of US$1,078 was reversed in full, with the corresponding impact in the
income statement for the year ended December 31, 2023, recorded as &ldquo;Income taxes&rdquo; (note 8a).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition, the Plan does not require the capitalization of
the expenses of US$703 (R$3,404 million) that were incurred in the past and so, there is no change in relation to the tax treatment adopted.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>f) Summarized financial information</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The summarized financial information of Samarco are as follows.
The stand-alone financial statements of Samarco may differ from the financial information reported herein, which is prepared considering
Vale&rsquo;s accounting policies.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 63%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">532</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">454</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,590</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,748</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total
    Assets</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,122</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,202</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,342</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,808</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,179</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,401</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total
    Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,521</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,209</B></FONT></TD></TR>

<TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; vertical-align: bottom; width: 63%; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Negative reserves</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 18%; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(11,399)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 19%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(15,007)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income for the year ended</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,669</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 80 -->
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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%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>g) Insurance</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Since the Fund&atilde;o dam failure, the Company has been
negotiating with insurers the indemnification payments based on its general liability policies. In 2021, the Company received payments
in the amount of US$33, which was recorded as a gain in the income statement as &ldquo;Equity results and other results in associates
and joint ventures&rdquo;. The Company did not receive any further insurance in 2023 and 2022 and does not expect to receive any material
amounts in the future.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<DIV STYLE="padding: 1pt; border: gray 1pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>Critical accounting
estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">Under Brazilian legislation and
the terms of the joint venture agreement, the Company does not have an obligation to provide funding to Samarco. Accordingly, the Company&rsquo;s
investment in Samarco was fully impaired and no provision was recognized in relation to the Samarco&rsquo;s negative equity.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">The provision
related to the Samarco dam failure requires the use of assumptions and estimates, which may be materially impacted by: (i) the scope and
cost of completing the programs under the Framework Agreement, including the ongoing legal actions in relation to the number of people
eligible for compensation and the amount of damages to which they are entitled, (ii) the terms of any potential future settlement agreement
in respect of the Federal Public Prosecution Office Claim, including potential amounts payable, obligations of the parties to perform
ongoing programs of the Framework Agreement, and the period of time over which any settlement amounts may be payable, (iii) the extent
to which Samarco is able to directly fund any future obligations relating to reparation and compensation measures as Samarco&rsquo;s long-term
cash flow generation depends on factors including its ability to return to full production capacity and commodity prices, (iv) resolution
of existing and potential legal claims, and (v) updates of the discount rate.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">As a result, future expenditures
may differ from the amounts currently provided and changes to key assumptions could result in a material impact to the amount of the provision
in future reporting periods. </P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_034"></A>27. Provision for de-characterization of
dam structures and asset retirement obligations</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is subject to local laws and regulations, that
requires the decommissioning of the assets that Vale operates at the end of their useful lives, therefore, expenses for demobilization
occur predominantly after the end of operational activities. These obligations are regulated by the ANM at the federal level and by environmental
agencies at the state level. Among the requirements, the decommissioning plans must consider the physical, chemical and biological stability
of the areas and post-closure actions for the period necessary to verify the effectiveness of the decommissioning. These obligations are
accrued and are subject to critical estimates and assumptions applied to the measurement of costs by the Company. Depending on the geotechnical
characteristics of the structures, the Company is required to de-characterize the structures, as shown in item a) below.</P>

<P STYLE="color: #00807A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>Laws and regulations related to dam safety</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In September 2020, the Federal Government enacted Law no. 14.066,
which modified the National Dam Safety Policy (Law no. 12,334/2020), reinforcing the prohibition of constructing and raising upstream
dams in Brazil. The law also required the de-characterization of the structures built using the upstream method by 2022, or by a later
date if proven that the de-characterization was not technically feasible by 2022. As made available to competent bodies, a substantial
part of the Company's de-characterization projects will be completed in a period exceeding the date established in the legislation due
to the characteristics and safety levels of the Company's geotechnical structures.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Thus, in February 2022, the Company filed with the relevant
bodies a request for an extension to perform the projects and, as a result, signed a Term of Commitment establishing legal and technical
certainty for the process of de-characterization of the upstream dams, considering that the deadline defined was technically infeasible,
especially due to the necessary actions to increase safety during the works. With the signing of the agreement, the Company recorded an
additional provision of US$37 to make investments in social and environmental projects over a period of 8 years.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-bottom: 12pt; margin-left: 0">In December 2022,
the Federal Government published decree no. 11,310, which regulates dispositions of the National Dam Safety Policy, regulates dam supervision
activities, establishes the competence to regulate the extension of the self-rescue zone for authorities acting in dam emergency situations,
and presents guidelines on technical reports regarding the causes of a breach and other aspects of management of geotechnical structures.
This decree also determined that companies must present guarantees for dams in an alert situation.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-bottom: 12pt; margin-left: 0"></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-bottom: 12pt; margin-left: 0">In February 2023,
ANM issued a resolution that modifies the current dam safety regulation. The main changes are new rules in connection with the active
and passive monitoring during the de-characterization of dams, the simplified dam collapse study and simplified emergency action plan
for specific cases, and the dam safety plan (&ldquo;PSB&rdquo;). The Company believes its provisions are sufficient to comply with the
effective legal obligations.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-bottom: 12pt; margin-left: 0">In December 2023,
the government of Minas Gerais published decree No. 48,747, which regulates the measurement and execution of environmental guarantees
individually for each dam, based on the reservoir area, classification and purpose of the dam, and estimated de-characterization costs
and should be kept throughout the useful life of the dam, from its start-up phase until the de-characterization and socio-environmental
recovery. The guarantee may be a cash deposit, bank deposit certificate, bank guarantee or insurance. The guarantees shall be presented
up to 3 years, with half of the amount in 2024 and the remaining amount split between 2025 and 2026.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-bottom: 12pt; margin-left: 0">The value of the
guarantees is estimated at US$370 (R$1.8 billion), for which the Company intends to meet by providing financial guarantees and insurance.
Vale expects that the financial costs to be incurred will be immaterial.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Decommissioning plan and future use </B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The implementation and execution of future use projects, after
the decommissioning, is not required by law. However, the Company has been studying a governance to assess the future use, considering
its aptitudes, post-operational usage intention, socio-economic development of the community and the characteristics of the physical and
biotic environments in which Vale operates. Any future obligations, if assumed by Vale, may result in material impact on the amount of
the provision.</P>

<P STYLE="color: #00807A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #00807A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) De-characterization of upstream and
centerline geotechnical structures</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As a result of the Brumadinho dam failure (note 25) and, in
compliance with Law 14,066, the Company has decided to speed up the plan to &ldquo;de-characterize&rdquo; of all its tailings dams built
under the upstream method, certain &ldquo;centerline structures&rdquo; and dikes, located in Brazil. The Company also operates tailings
dams in Canada, including upstream compacted dams. However, the Company decided that these dams will be decommissioned using other methods,
thus, the provision to carry out the decommissioning of dams in Canada is recognized as &ldquo;Obligations for decommissioning assets
and environmental obligations&rdquo;, as presented in item (b) below.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">These structures are in different stages of maturity, some
of them still in the conceptual engineering phase, for which the estimate of expenditures includes in its methodology a high degree of
uncertainty in the definition of the total cost of the project in accordance with best market practices.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The cash flow for de-characterization projects are estimated
for a period up to 15 years and were discounted at present value at a rate, which reduced from 6.14% to 5.41%. Changes in the provisions
are as follows:</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 72%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 28%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,464</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Revision to estimates and new provisions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">72</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disbursements</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(347)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Monetary and present value adjustments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(139)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">249</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,299</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Revision to estimates and new provisions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">153</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disbursements</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(458)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Monetary and present value adjustments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">199</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">258</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,451</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Vale Sans,sans-serif; color: #007E7A; margin: 0; text-align: justify">Public civil actions relating to evacuation
of communities</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In August 2023, Vale entered into an agreement to extinguish
the Public Civil Action of the Sul Superior dam, located in Bar&atilde;o de Cocais, in the amount of US$108 (R$527 million), which is
recorded as other liabilities on the statement of financial position as of December 31, 2023.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In December 2022, Vale entered into an agreement to extinguish
the Public Civil Action of the B3/B4 dam located in Nova Lima, in the amount of US$96 (R$500 million), part of which had already been
registered by the Company in previous periods. Thus, the Company recorded an additional provision in the amount of US$57 (R$292 million)
for the year ended December 31, 2022.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition, the Company is defending itself in a public civil
action filed by the Public Prosecutor's Office of the State of Minas Gerais claiming injunctions and socio-economic damages arising from
the evacuations of communities located within the self-rescue zones of the Doutor dam, located in Ouro Preto. The Company assessed that
the risk of loss is possible and, at this moment, it is not possible to reliably estimate the amount of a possible loss for the Company.</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Operational stoppage and idle capacity</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In addition, due to the
de-characterization projects, the Company has suspended some operations due to judicial decisions or technical analysis performed by
Vale on its upstream dam structures located in Brazil. The Company has been recording losses in relation to the operational stoppage
and idle capacity of the Iron Ore Solutions segment in the amounts of US$218 for the year ended December 31, 2023 (2022: US$269 and
2021: US$376). The Company is working on legal and technical measures to resume all operations at full capacity.</FONT></P>



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<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">b) Asset retirement obligations and environmental
obligations</P>

<P STYLE="font: bold 10pt Vale Sans,sans-serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Liability</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Discount rate</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cash flow maturity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liability by geographical area</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,415</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,863</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.47%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.20%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2132</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2096</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Canada</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,592</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,683</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.30%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2151</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Oman</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">158</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">114</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.90%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2035</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2035</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Indonesia</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">73</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.33%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2061</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other regions</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">114</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">149</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2.04%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.92%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,279</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,882</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Operating plants</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,155</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,971</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Closed plants</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,124</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">911</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,279</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,882</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">
<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Provision changes during the year</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Environmental </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>obligations</B></P></TD>
    <TD STYLE="border-top: white 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance on December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,342</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>297</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,639</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disbursements</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(101)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(26)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(127)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Revision to estimates and new provisions (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(684)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">46</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(638)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to assets held for sale </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(49)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(51)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Monetary and present value adjustments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">78</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">85</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(41)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(26)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance on December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,545</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>337</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,882</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disbursements</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(172)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(101)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(273)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Revision to estimates and new provisions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">206</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">219</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">425</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to assets held for sale </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(84)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(84)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Monetary and present value adjustments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">126</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">143</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">158</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">28</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">186</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance on December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,779</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>500</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,279</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Among other factors, includes the reduction in liability
of US$870, due to the update in the discount rate of the asset retirement obligation in Canada, which increased from 0.00% to 1.11% for
the year ended December 31, 2022.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<DIV STYLE="padding: 1pt; border: gray 1pt solid">

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>Critical accounting
estimates and judgments</B></P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9"><FONT STYLE="color: teal"><B>De-characterization
of dam structures -</B></FONT> The main critical assumptions and estimates applied in the de-characterization provision considers, among
others: (i) volume of the waste to be removed based on historical data available and interpretation of the enacted laws and regulations;
(ii) location availability for the tailings disposal; (iii) engineering methods and solutions; (iv) security levels; (v) productivity
of the equipment used; (vi) advances in geological studies and new hydrological information; and (vii) discount rate update.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">Therefore, future expenditures may
differ from the amounts currently provided because the realized assumptions and various other factors are not always under the Company&rsquo;s
control. These changes to key assumptions could result in a material impact to the amount of the provision in future reporting periods.
At each reporting period, the Company will reassess the key assumptions used in the preparation of the projected cash flows and will adjust
the provision, if required.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9"><FONT STYLE="color: teal"><B>Asset
retirement obligations -</B></FONT> When the provision is recognized, the corresponding cost is capitalized as part of property, plant
and equipment and it is depreciated over the useful life of the related mining asset.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">The long-term liability is discounted
at presented value using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to
the liability and the unwinds are recorded in the income statement and is reduced by payments for mine closure and decommissioning of
mining assets. The accrued amounts of these obligations are not deducted from the potential costs covered by insurance or indemnities.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">Judgment is required to determine
key assumptions used on the asset retirement obligation measurement such as, interest rate, cost of closure, useful life of the mining
asset considering the current conditions of closure and the projected date of depletion of</P>



<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: #D9D9D9">each mine. Any changes
in these assumptions may significantly impact the recorded provision. Therefore, the estimated costs for closure of the mining assets
are deemed to be a critical accounting estimate and annually reviewed.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

</DIV>

<!-- Field: Page; Sequence: 84 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><A NAME="a_035"></A><B>28. Legal proceedings</B></P>

<P STYLE="color: #007E7A; font: bold 11pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company is a defendant
in numerous legal actions in the ordinary course of business, including civil, tax, environmental and labor proceedings.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company makes use of
estimates to recognize the amounts and the probability of outflow of resources, based on reports and technical assessments and on management&rsquo;s
assessment. Provisions are recognized for probable losses of which a reliable estimate can be made. </FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Arbitral, legal and administrative
decisions against the Company, new jurisprudence and changes of existing evidence can result in changes regarding the probability of outflow
of resources and on the estimated amounts, according to the assessment of the legal basis.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision
for legal proceedings</P>

<P STYLE="color: navy; font: bold 9pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 38%; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Tax litigation</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Civil litigation</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Labor litigation</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Environmental litigation</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total of litigation provision </B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>456</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>284</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>358</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,105</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions and reversals, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">38</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">67</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">153</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(67)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(164)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Indexation and interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">89</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">134</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer to held for sale</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>576</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>291</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>411</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,292</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions and reversals, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">167</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">229</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(43)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(93)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(147)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Indexation and interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">90</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">131</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer to payable taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(611)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(611)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">105</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>90</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>380</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>514</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>999</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 9pt Vale Sans,sans-serif; color: navy; margin: 0; text-align: justify">
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company has considered
all information available to assess the likelihood of an outflow of resources and in the preparation on the estimate of the costs that
may be required to settle the obligations.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Tax litigations
&ndash;</FONT> <FONT STYLE="font-weight: normal; color: windowtext">The transfer to payable taxes refers to the lawsuit filed in 2011
by Valepar (merged by Vale) seeking the right to exclude the amount of dividends received in the form of interest on capital (&ldquo;JCP&rdquo;)
from the PIS and COFINS tax base. This proceeding is fully guaranteed by a judicial deposit. In December 2023, a judicial decision was
issued determining the conversion of part of the judicial deposit to the Government, resulting in the reclassification of the amount to
payable taxes. </FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>



<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Civil litigations
-</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Refers to lawsuits for: (i) indemnities for losses, payments and contractual
fines due to contractual imbalance or non-compliance that are alleged by suppliers, and (ii) land claims referring to real estate related
to Vale's operational activities. </FONT></P>


<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Labor litigations
-</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Refers to lawsuits for individual claims by in-house employees and service
providers, primarily involving demands for additional compensation for overtime work, moral damages or health and safety conditions. </FONT></P>

<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Environmental
litigations -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Refers mainly to proceedings for environmental damages and issues
related to environmental licensing.</FONT></P>

<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The lawsuits related to the
Brumadinho event (note 25) and the Samarco dam failure (note 26) are presented in its specific notes to these financial statements and,
therefore, are not disclosed below.</FONT></P>


<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent
liabilities</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tax litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,235</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,590</FONT></TD></TR>

<TR>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 64%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Civil litigations</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 18%; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,366</FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 18%; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,270</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Labor litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">378</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">569</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Environmental litigations</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,320</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,102</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,299</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,531</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 85 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The main contingent liabilities, updated by applicable interest
rates, for which the likelihood of loss is considered possible are presented by nature as follows. The proceedings related to the Brumadinho
event (note 25) and the Samarco dam failure (note 26) are presented in its specific notes to these financial statements.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: teal"><B>Tax
proceedings - Financial compensation for the exploration of mineral resources (&ldquo;CFEM&rdquo;) </B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is engaged in numerous administrative and judicial
proceedings related to the mining royalty known as CFEM. These proceedings arise from assessments by the Brazilian National Mining Agency
(&ldquo;<I>Ag&ecirc;ncia Nacional de Minera&ccedil;&atilde;o</I> &ndash; ANM&rdquo;, former &ldquo;DNPM&rdquo;), which main discussions
involve the deduction of taxes, insurance and transportation costs indicated in the corresponding invoice of CFEM payments, in addition
to CFEM charges on pellet sales and the revenues from sales made by our foreign subsidiaries. The Company estimates the possible losses
resulting from these proceedings to be US$2,132 (R$10,320 million) as of December 31, 2023 (December 31, 2022: US$1,831 (R$9,555 million)).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: teal"><B>Tax
proceedings &ndash; PIS/COFINS </B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is a party to several claims related to the alleged
misuse of PIS and COFINS credits (federal taxes levied on the companies&rsquo; gross revenue). Brazilian tax legislation authorizes taxpayers
to deduct PIS and COFINS tax credits, such as those referring to the acquisition of inputs for the production process and other items.
The tax authorities mainly claim that (i) some credits were not related to the production process, and (ii) the right to use the tax credits
was not adequately proven. The Company is discussing the afore mentioned charges related to credits determined as of 2002. The chances
of loss related to these lawsuits classified as possible total US$2,198 (R$10,640 million) as of December 31, 2023 (December 31, 2022:
US$1,720 (R$8,975 million)).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: teal"><B>Tax
proceedings &ndash; Tax on Services (&ldquo;ISS&rdquo;)</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is party to several administrative and judicial
proceedings related to the collection of ISS in several Brazilian municipalities. The tax authorities&rsquo; main allegations for those
proceedings are: (i) the tax basis used for computing the tax payable was incorrect; (ii) failure to pay ISS related to third-party property
and business management services; and (iii) the incidence of ISS over own goods port handling services (&ldquo;self-service&rdquo;). As
of December 31, 2023, the total amount of the possible loss is US$738 million (R$3,573 million) (December 31, 2022: US$626 (R$3,268 million).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: teal"><B>Tax
proceedings &ndash; Value added tax on services and circulation of goods (&ldquo;ICMS&rdquo;)</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is engaged in several administrative and judicial
proceedings relating to additional charges of ICMS by the tax authorities of different Brazilian states. In each of these proceedings,
the tax authorities claim that (i) misuse of tax credit; (ii) the Company is required to pay the ICMS on acquisition of electricity (iii)
operations related to the collection of tax rate differential (&ldquo;DIFAL&rdquo;) and (iv) incidence of ICMS on its own transportation.
The total amount classified as a possible loss is US$586 (R$2,835 million) as of December 31, 2023 (December 31, 2022: US$558 (R$2,910
million)).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: teal"><B>Tax
proceedings &ndash; Fines arising from offsets not approved for settlement of federal debts </B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Vale is a party to several assessments by the Brazilian Federal
Revenue Service (&ldquo;RFB&rdquo;) referring to the imposition of fines of 50% on the value of compensation not approved for the settlement
of federal debts. The RFB understands that these offsets were made with undue credits. We are challenging these assessments and the tax
offset rejection in other proceedings. The constitutional foundations for charging these fines were discussed in leading cases and, in
2023 September, the STF discussion has become final with victory for the taxpayers to declare the charge unconstitutional. The possible
loss of these assessments was changed to remote, and we expect that these fines will be cancelled. As of December 31, 2023, the total
amount of fines imposed was US$626 (R$3,032 million) (December 31, 2022: US$524 (R$2,735 million).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: teal"><B>Civil
proceedings - Environmental licensing of the Company's operations in the State of Par&aacute;, Brazil </B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is a party to several civil proceedings, which
are not individually material. Among these processes, the Company is engaged on public civil actions brought by associations representing
the Kayap&oacute; and Xikrin indigenous communities, in the state of Par&aacute;, which seek to suspend the Company&rsquo;s environmental
licenses for On&ccedil;a Puma (nickel), Salobo (copper) and S11D (iron ore). Those associations claim, among other things, that during
the environmental licensing process, the Company did not perform appropriate studies on the impacts from those operations over the surrounding
indigenous communities, which were ordinarily processed and approved by the competent licensing bodies.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&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%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In 2022, the Company entered
into an indemnity agreement with the indigenous communities Xikrin do Catet&eacute; and Kayap&oacute;, for social and economic compensation.
However, the Company is still defending itself against the environmental claims, which likelihood of loss is deemed as possible, however,
it is not yet possible to estimate the amount of a potential loss due to the interruption of these operations or any potential agreement
to mitigate and compensate.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; border-bottom: #A6A6A6 0.5pt solid">Environmental
proceedings&ndash; Environmental licensing of the Company's operations in the States of Minas Gerais and Esp&iacute;rito Santo, Brazil</P>

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company is a party to
a public civil action filed by associations representing the owners of areas near to the Mar Azul, Tamandu&aacute; and Cap&atilde;o Xavier
mines. The associations are requesting the cancellation of Vale's mining and environmental licenses to operate those mines, mainly claiming
that the mining activities are contaminating the water springs in the region. The Company is defending itself against the lawsuit, which
it believes that the likelihood of loss is possible, however, it is not yet possible to estimate the amount of a potential loss due to
the interruption of these operations or any potential agreement to mitigate and compensate.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In addition, the Company
is also a party to public civil actions filed by the Public Ministry of the State of Minas Gerais and by the municipality of Jeceaba requesting
the Company to stop disposing tailings at Maravilhas II and III dams (Vargem Grande complex), Forquilhas V (F&aacute;brica complex) and
Dam 7 (Viga mine). The Company signed a partial agreement with the municipality from Dam 7. The Company believes that the likelihood of
loss is possible, however, it is not yet possible to estimate the amount of a potential loss due to an interruption of these operations
or any potential agreement to mitigate and compensate.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; border-bottom: #A6A6A6 0.5pt solid">Labor
litigations &ndash; Safety requirements at dams in the State of Par&aacute;, Brazil</P>

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In March 2022, the Labor
Prosecutor's Office of the State of Par&aacute; filed two public civil actions requesting an indemnification payment of US$122 (R$590
million) and the adoption of several work safety measures related to the Mirim and Pera Jusante dams to restrict access only to the employees
that are strictly necessary at the site. The Company signed an agreement with the Public Ministry and labor unions to close the public
civil actions and  disbursed US$2 (R$10 million) during the year ending December 31, 2023. </FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; border-bottom: #A6A6A6 0.5pt solid">Environmental
litigations &ndash; Iron ore operations in Itabira</P>

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company is a party to
several environmental proceedings, which are not individually material. Among these processes, the Company is a defendant in two separate
actions brought by the municipality of Itabira, in the Brazilian state of Minas Gerais. In the first action, filed in August 1996, the
municipality alleges that Vale iron ore operations have caused environmental and social harm, and claims damages with respect to the alleged
environmental degradation, as well as the immediate restoration of the affected ecological complex and the performance of compensatory
environmental programs in the region. In the second action, filed in September 1996, the municipality of Itabira claims the right to be
reimbursed for expenses it has incurred in connection with public services rendered due to mining activities. The damages sought, as adjusted
from the date of the claim, amount to approximately US$524 (R$2.538 million) (2022: US$431 (R$2,249 million)). </FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>c) Contingent assets </B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In 2015, the Company filed a legal proceeding to receive the
amounts related to compulsory loans with Eletrobr&aacute;s. In August 2020, the Company received US$55 (R$301 million) resulting from
a favorable decision on part of the claim presented by the Company, and the remaining amount remained under legal discussion. In November
2023, the Company signed an extrajudicial agreement with Eletrobr&aacute;s to conclude the legal proceedings. Thus, the Company recorded
a gain of US$48 as &ldquo;other assets&rdquo; in financial position as of December 31, 2023.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>d) Judicial deposits</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tax litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">516</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">945</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Civil litigations </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">122</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">123</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Labor litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">148</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">134</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Environmental litigations</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>798</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,215</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 87 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>e) Guarantees contracted for legal proceedings</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition to the above-mentioned tax, civil, labor and environmental
judicial deposits, the Company contracted US$2.7 billion (December 31, 2022: US$2.3 billion) in guarantees for its lawsuits, as an alternative
to judicial deposits.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<DIV STYLE="border-top: #A6A6A6 0.5pt solid; padding-top: 1pt; border-bottom: #A6A6A6 0.5pt solid; padding-bottom: 1pt">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: teal"><B>Accounting policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">A provision is recognized when it
is considered probable that an outflow of resources will be required to settle the obligation and can be reliably estimated. The liability
is accounted against an expense in the income statement. This obligation is updated based on the developments of the judicial process
or interest accretion and can be reversed if the expectation of loss is not considered probable due to changes in circumstances or when
the obligation is settled.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Contingent assets are disclosed
when the related economic benefits are probable and are only recognized in the financial statements in the period in which their realization
is virtually certain.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<DIV STYLE="padding: 1pt; border: gray 1pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>Critical accounting
estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">Legal proceedings are contingent
by nature, that is, it will be resolved when one or more future event occurs or fails to occur. Typically, the occurrence or not of such
events is outside of the Company&rsquo;s control. Legal uncertainties involve the application of significant estimates and judgments by
management regarding the potential outcomes of future events.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

</DIV>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><A NAME="a_036"></A><B>29. Employee benefits</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31 ,2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31 ,2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payroll, related charges and other remunerations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">867</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">831</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Share-based payment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employee post-retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29(c)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">66</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,381</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,260</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>964</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>930</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,381</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,260</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit
sharing program (&ldquo;PLR&rdquo;)</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The Company recorded as cost of goods sold and
services rendered and other operating expenses related to the profit sharing program US$557, US$499 e US$474 for the years ended on December
31, 2023, 2022 and 2021, respectively.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #00807A"><B>b) Share-based payments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">For the long-term incentive programs, the Company compensation
plans includes Matching Program and Performance Share Unit program (&ldquo;PSU&rdquo;), with three-year-vesting cycles, respectively,
with the aim of encouraging employee&rsquo;s retention and encouraging their performance. The fair value of the programs is recognized
on a straight-line basis over the three-year required service period, net of estimated losses.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #00807A"><B>Matching Program</B></P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">For the Matching program, the participants can acquire
Vale&rsquo;s common shares in the market without any benefits being provided by Vale. If the shares acquired are held for a period of
three years and the participants keep an employment relationship with Vale, the participant is entitled to receive from Vale an award
in shares, equivalent to the number of shares originally acquired by the executive.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The fair value of the Matching program was estimated
using the Company's share price and ADR and the number of shares granted on the grant date.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 56%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 23%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 21%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Granted shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,330,503</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,437,588</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Share price</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15.94</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20.03</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>Performance Shares Units (&ldquo;PSU&rdquo;)</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Under the PSU, eligible executives can earn, during a three-year
vesting cycle, an award equivalent to the market value of a certain number of common shares and conditioned to Vale's performance factor
measured based on Total Shareholder Return (&quot;TSR&quot;) and Environmental, Social and Governance (&quot;ESG&quot;) metrics. It is
comprised of 75% of TSR metrics and 25% of ESG indicators and health and safety.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The fair value of the PSU program was measured by estimating
the performance factor using Monte Carlo simulations for the Return to Shareholders Indicator and health and safety and sustainability
indicators. The assumptions used for the Monte Carlo simulations are shown in the table below, as well as the result used to calculate
the expected value of the total performance factor.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 56%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 23%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 21%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Granted shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,177,755</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,709,955</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Date shares were granted</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">January 2, 2023</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">January 3, 2022</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Share price</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16.6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13.81</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected volatility</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48.33%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39.00%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected term (in years)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected shareholder return indicator</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">72,42%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51,20%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected performance factor</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">79.32%</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53.08%</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>c) Employee post-retirement obligation</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In Brazil, the management of the pension plans is the responsibility
of Funda&ccedil;&atilde;o Vale do Rio Doce de Seguridade Social (&ldquo;Valia&rdquo;) a nonprofit entity with administrative and financial
autonomy. The Brazilian plans are as follows:</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Benefit plan Vale Mais (&ldquo;<I>Vale
Mais</I>&rdquo;) and benefit plan Valiaprev (&ldquo;<I>Valiaprev</I>&rdquo;) - </B></FONT>The Company's employees participating in Valia
are associated, for the most part, with the Vale Mais plan, which has a defined benefit component (settled benefit from the former Defined
Benefits Plan and specific benefit to cover death, disability retirement and sickness benefit) and defined contribution component (for
programmable benefits). The Valiaprev plan is similar to the Vale Mais plan, with the exception of not having the benefit settled and
the sickness benefit. Both Vale Mais and Valiaprev plans were overfunded as of December 31, 2023 and 2022.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Defined benefit plan (&ldquo;<I>Plano
BD</I>&rdquo;) - </B></FONT>The Plano BD is closed to new entrants since 2000, when the Vale Mais plan was implemented. It is a plan that
has defined benefit characteristics, covering almost exclusively retirees and their beneficiaries. It was overfunded as of December 31,
2023 and 2022 and the contributions made by the Company are not material.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>&ldquo;<I>Abono complementa&ccedil;&atilde;o</I>&rdquo;
benefit plan - </B></FONT>The Company sponsors a specific group of former employees entitled to receive additional benefits from Valia
regular payments. The contributions made by the Company finished in 2014. The &ldquo;<I>Abono complementa&ccedil;&atilde;o</I>&rdquo;
benefit was overfunded as of December 31, 2023 and 2022.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Other benefits - </B></FONT>The
Company sponsors medical plans for employees that meet specific criteria and for employees who use the &ldquo;<I>abono complementa&ccedil;&atilde;o</I>&rdquo;
benefit. Although those benefits are not specific retirement plans, actuarial calculations are used to calculate future obligations. As
those benefits are related to health care plans they have nature of underfunded benefits, and are presented as underfunded plans as of
December 31, 2023 and 2022.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The foreign plans are managed in accordance with their region.
They are divided between plans in Canada, US A, UK and Indonesia. Pension plans in Canada are composed of a defined benefit and defined
contribution component. Currently the defined benefit plans do not allow new entrants. The majority of foreign defined benefit plans are
underfunded as of December 31, 2023 and 2022 and just two overfunded plans as of December 31, 2023 and three in December 31, 2022.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In December 2023, the Company entered into annuity contracts
to transfer US$836 of pension plan obligations and its associated assets. This transaction triggered a settlement and remeasurement of
the pension plan, and as a result, the Company recognized a non-cash loss of US$5 in the income statement as &ldquo;Other expenses&rdquo;,
measured by the difference between the premium and the obligations transferred.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Employers&rsquo; disclosure about pensions and other post-retirement
benefits on the status of the defined benefit elements of all plans is provided as follows.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>i. Evolution
of present value obligation</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 58%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Benefit obligation as of December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,833</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,983</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,427</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Service costs</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest costs</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">325</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Benefits paid</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(534)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(58)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(57)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participant contributions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(30)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of changes in the actuarial assumptions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(784)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(109)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(343)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(24)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,252</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,252)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Benefit obligation as of December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,142</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>608</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,057</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Service costs</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest costs</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">322</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">68</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Benefits paid</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(479)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(126)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(56)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participant contributions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of changes in the actuarial assumptions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">468</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">130</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Settlement</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(836)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer to assets held for sale </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(12)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">246</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,201)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,201</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Benefit obligation as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,517</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,118</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,150</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>ii. Evolution
of assets fair value</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Fair value of plan assets as of December 31, 2021</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,752</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,779</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">412</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employer contributions</FONT></TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">57</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Benefits paid</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(534)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(58)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(57)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets (excluding interest income)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(752)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,373</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,373)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Fair value of plan assets as of December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,340</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>339</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">429</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">85</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employer contributions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">56</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Benefits paid</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(479)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(126)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(56)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets (excluding interest income)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">286</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Settlement</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(841)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">320</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,261)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,261</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Fair value of plan assets as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,657</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>815</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 90 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>iii. Reconciliation
of assets and liabilities recognized in the statement of financial position</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Plans in Brazil</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 35%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Movements of assets ceiling </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at beginning of the year</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>924</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>876</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">95</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">83</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Changes on asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(194)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(89)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at end of the year</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>893</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>924</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Amount recognized in the statement of financial position</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Present value of actuarial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,152)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(272)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(389)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,634)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(246)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(321)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,045</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">94</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,558</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of the asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(893)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(924)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(178)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(389)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(145)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(321)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(16)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(175)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(367)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(142)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(305)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(178)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(389)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(145)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(321)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Foreign plan</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Movements of assets ceiling</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at beginning of the year</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>190</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Changes on asset ceiling and onerous liability</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">160</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(15)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at end of the year</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>178</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>190</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Amount recognized in the statement of financial position</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Present value of actuarial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,365)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(846)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(759)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,508)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(362)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(736)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of assets</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,611</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">721</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,782</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">238</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of the asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(178)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(190)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>68</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(125)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(759)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>84</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(124)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(736)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(39)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(40)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets (liabilities)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(119)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(720)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(117)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(696)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>68</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(125)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(759)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>84</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(124)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(736)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 37%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Movements of assets ceiling</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 13%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at beginning of the year</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,114</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>919</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Changes on asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(192)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">65</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">73</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at end of the year</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,071</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,114</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Amount recognized in the statement of financial position</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Present value of actuarial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,517)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,118)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,148)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,142)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(608)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,057)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of assets</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,656</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">815</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,340</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">339</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of the asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,071)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,114)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>68</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(303)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,148)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>84</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(269)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,057)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(61)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(56)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets (liabilities)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(294)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,087)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(259)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,001)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>68</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(303)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,148)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>84</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(269)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,057)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The pension plan asset is recorded as &ldquo;Other non-current
assets&rdquo; in the financial position.</P>



<!-- Field: Page; Sequence: 91 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>iv. Costs
recognized in the income statement</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Service cost</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">322</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">325</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">196</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">122</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(429)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(85)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(412)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(17)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(253)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(102)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest expense on effect of (asset ceiling)/ onerous liability</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total of cost, net</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>74</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>42</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>62</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>73</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>88</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>34</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>v. Costs
recognized in the statement of comprehensive income</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; width: 31%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at beginning of the year</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(124)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(45)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>62</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(93)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(92)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(172)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(101)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(400)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(363)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of changes actuarial assumptions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(468)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(130)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(44)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">784</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">109</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">343</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">330</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">246</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">261</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets (excluding interest income)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">286</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(752)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(269)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">181</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Change of asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">192</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(65)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(60)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(58)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(56)</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(36)</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>78</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>343</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>430</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>257</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred income tax</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(102)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(130)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(83)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Others comprehensive income</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(39)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(36)</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(24)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>52</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>241</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>300</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>174</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustments</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Accumulated other comprehensive income</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(127)</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(90)</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(124)</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(45)</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>62</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(93)</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(92)</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(172)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 92 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>vi. Risks related to plans</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Administrators of the plans have committed to strategic
planning to strengthen internal controls and risk management. This obligation is achieved by conducting audits and assessments of internal
controls, which aim to mitigate operational market and credit risks. Risks are presented as follow:</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Legal -</B></FONT> Lawsuits:
issuance of periodic reports to the audit and Board of Directors, including the lawyers' analysis of the chances of success (remote, probable
or possible), focusing on the administrative decision on provisions. Promote and monitor adaptations to new legal obligations and monitor
compliance with established legal obligations. Due diligence of third parties from the perspective of the Integrity Program.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Actuarial - </B></FONT>The
annual actuarial evaluation of the benefit plans comprises the assessment of taxes, income and adequacy of the costing plans. Technical
study of compliance with the assumptions adopted in the actuarial evaluation of benefit plans prepared by an external actuary, in accordance
with current legislation. Monitoring of biometric, demographic and economic-financial assumptions.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Market &ndash;</B></FONT> Technical
allocation studies are carried out with the objective of evaluating investment portfolios of the different obligations of the plans and
projecting the future result of these portfolios. Asset Liability Management studies are carried out for defined benefit type obligations
(Asset Liability Management study), while for defined contribution type obligations there are efficient frontier studies (investment profiles)
and glidepath (life cycles). Periodic monitoring of the plans' short-term market risk based on risk indicators (VaR - Value at Risk, Benchmark
VaR, Maximum Drawdown, Stress Tests, among others).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Credit -</B></FONT> Risk classification
of securities from corporate and bank issuers based on quantitative and qualitative assessments of the credit risk of the issuer, the
asset and its guarantees, from acquisition to maturity. This internal rating sensitizes provisions for credit risk losses, as well as
verified defaults, in accordance with current legislation. Provisions for loan losses with participants are realized based on default
verified in payments.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Liquidity -</B></FONT> Technical
study of the liquidity of plans with defined benefit obligations, focusing on the long term, whose objective is to verify the sufficiency
of the assets in fulfilling the plan's obligations. Monitoring of short-term liquidity with a focus on cash available to meet plan obligations
for the coming years. The defined contribution bond portfolios (investment profiles and life cycles) have assets available for sale at
any time in normal market situations.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>vii. Actuarial and economic assumptions and
sensitivity analysis</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: navy"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">All calculations involve future actuarial projections about
some parameters, such as: salaries, interest, inflation, mortality and disability.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The economic and actuarial assumptions adopted have been formulated
considering the long-term period for maturity and should therefore be analyzed accordingly. In the short term they may not be realized.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: navy"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify">The following assumptions were adopted in the assessment:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Brazil</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 39%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discount rate to determine benefit obligation</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8,57% - 8,63%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10.15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8,59% - 8,74% </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,77% - 9,88%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10.66%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,81% - 9,90% </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate to determine expense/ income</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8,57% - 8,63%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10.15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,77% - 9,88%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10.66%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate of salary increase</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,08% -&nbsp;&nbsp;4,94% </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.50%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3,50% - 5,36%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.86%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate of benefit increase</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,08% -&nbsp;&nbsp;3,60% </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.50%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,50% -&nbsp;&nbsp;4,02% </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.86%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Immediate health care cost trend rate</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.17%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.35%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ultimate health care cost trend rate</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.17%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.35%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate of price inflation</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.08%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.50%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.08%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.50%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.25%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.50%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Foreign</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; width: 38%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discount rate to determine benefit obligation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.63%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.63%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.64%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;5.10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;5.10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.14%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate to determine expense/ income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.14%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2.84% </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2.84% </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.03%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate of salary increase</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.31%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.31%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3.23%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3.23%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate of benefit increase</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.00%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.00%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.00%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.00%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Immediate health care cost trend rate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.85%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ultimate health care cost trend rate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.49%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.57%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate of price inflation</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2.08%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2.08%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2.06%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2.06%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">For the sensitivity analysis, the Company applies the effect
of 1.0% in nominal discount rate to the present value of the Company&acute;s actuarial liability. The effects of this analysis on the
Company&acute;s actuarial liability and assumptions adopted are as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Brazil</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 17%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 17%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 17%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Nominal discount rate - 1% increase</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Actuarial liability adjusted for sensitivity test</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,940</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">262</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">501</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assumptions made</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9.60%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11.15%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9.67%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Nominal discount rate - 1% reduction</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Actuarial liability adjusted for sensitivity test</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,399</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">283</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">387</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assumptions made</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7.60%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9.15%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7.67%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Foreign</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 19%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 19%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 19%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Nominal discount rate - 1% increase</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Actuarial liability adjusted for sensitivity test</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,237</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">745</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">677</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assumptions made</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.63%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.63%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.65%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Nominal discount rate - 1% reduction</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Actuarial liability adjusted for sensitivity test</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,506</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">957</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">880</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assumptions made</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.63%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.63%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.64%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>viii. Assets of pension plans</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Brazilian plan assets as of December 31, 2023 and 2022 includes
respectively (i) investments in a portfolio of Vale&rsquo;s share and other instruments in the amount of US$32 and US$47, which are presented
as &ldquo;Investments funds &ndash; Equity&rdquo; and (ii) Brazilian Federal Government securities in the amount of US$4.793 and US$4,214,
which are presented as &ldquo;Debt securities governments&rdquo; and &ldquo;Investments funds &ndash; Fixed&rdquo; Foreign plan assets
as of December 31, 2023 and 2022 includes Canadian Government securities in the amount of US$592 and US$454, respectively.</P>

<!-- Field: Page; Sequence: 94 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>ix. Overfunded pension plans</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify">Assets by category are as follows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; white-space: nowrap; width: 43%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity securities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">261</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">261</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,115</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,115</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Debt securities - Corporate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">396</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">396</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">367</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">368</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Debt securities - Government</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,814</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">361</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,175</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,354</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">435</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,789</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments funds - Fixed Income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,391</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">162</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,553</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,040</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">133</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,173</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments funds - Equity</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">483</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">484</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">455</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">456</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">International investments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">186</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">245</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">231</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">254</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Structured investments - Private Equity funds</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">123</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">188</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">240</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">428</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Structured investments - Real estate funds</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Real estate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">235</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">235</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">293</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">293</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans to participants</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">162</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">162</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">128</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">128</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">187</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">187</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,008</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,171</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>656</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,835</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,988</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,410</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>664</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,062</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Funds not related to risk plans (i)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,178)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,722)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Fair value of plan assets at end of year</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,657</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,340</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Financial investments not related to coverage of overfunded
pension plans. Funds are related to the Company&acute;s unconsolidated entities and former employees.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Measurement of overfunded plan assets at fair value with no
observable market variables (level 3) are as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 32%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 16%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Private equity funds</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 16%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Real estate funds</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Real estate</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Loans to participants</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>103</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>212</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>106</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>426</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets purchases</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">280</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">315</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets sold during the year</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(36)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(292)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(350)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer between Overfunded pension and Underfunded pension plans</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">164</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">213</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>240</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>293</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>128</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>664</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">36</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets purchases</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">211</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">230</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets sold during the year</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(210)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(235)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">37</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer between Overfunded pension and Underfunded pension plans</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(58)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(76)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>200</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>294</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>162</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>656</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; color: teal; margin-top: 0pt; margin-bottom: 6pt; text-align: left"><B>x.
Underfunded pension plans</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Assets by category are as follows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 36%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity securities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">112</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">112</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Debt securities - Corporate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">215</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">215</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Debt securities - Government</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">150</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">210</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">65</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments funds - Fixed Income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments funds - Equity</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Structured investments - Private Equity funds</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Real estate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans to participants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">131</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">131</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">125</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">125</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>221</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>382</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>214</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>817</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>148</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>51</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>140</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>339</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 95 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Measurement of underfunded plan assets at fair value with no
observable market variables (level 3) are as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Private equity funds</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Equity pool</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Real estate</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Loans to participants</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Others</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2021</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>181</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>53</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>168</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>406</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(33)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(32)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets purchases</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets sold during the year</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(20)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer between surplus and deficit plans</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(164)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(53)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(212)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>125</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>140</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets purchases</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets sold during the year</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer between surplus and deficit plans</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">76</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>55</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>27</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>131</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>214</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>xi. Disbursement of future cash flow</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Vale expects to disburse US$59 in 2024 in relation to pension
plans and other benefits.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>xii. Expected benefit payments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The expected benefit payments, which reflect future services,
are as follows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2024</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">275</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2025</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">277</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2026</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">279</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2027</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">280</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2028</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">281</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2029 and thereafter</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,387</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">161</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">167</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<DIV STYLE="background-color: rgb(242,242,242); margin-right: -0.05pt; margin-left: 0in; padding: 1pt 0in 0in; border-top: rgb(166,166,166) 0.5pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Accounting policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>Employee benefits</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>i. Current benefits
&ndash; wages, vacations and related taxes</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>&nbsp;</B></P>

</DIV>

<DIV STYLE="background-color: rgb(242,242,242); padding: 0in 0in 1pt; border-bottom: rgb(166,166,166) 0.5pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">Payments of benefits such
as wages or accrued vacation, as well the related social security taxes over those benefits are recognized monthly in income, on an accrual
basis.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>ii. Current
benefits &ndash; profit sharing program </B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">The Company has the Annual
Incentive Program (AIP) based on Team and business unit&rsquo;s contribution and Company-wide performance through operational cash generation.
The Company makes an accrual based on evaluation periodic of goals achieved and Company result, using the accrual basis and recognition
of present obligation arising from past events in the estimated outflow of resources in the future. The accrual is recorded as cost of
goods sold and services rendered or operating expenses in accordance with the activity of each employee.</P>

</DIV>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 115%"><BR STYLE="clear: both">
</FONT></P>

<DIV STYLE="background-color: rgb(242,242,242); padding: 0in 0in 1pt; border-bottom: rgb(166,166,166) 0.5pt solid">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>iii. Non-current
benefits &ndash; share-based payments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">The Company has established
a procedure for awarding certain eligible executives (Matching and Performance Share Unit (&ldquo;PSU&rdquo;) Programs) with the goal
of encouraging employee retention and optimum performance. Share-based long-term compensation programs are equity-settled, under which
the Company receives employee services as consideration for equity instruments. The fair value of employee services received in exchange
for the grant of options is recognized as an expense. The total amount of expenses is recognized during the period in which the right
is acquired; period during which the specific vesting conditions are met.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>iv. Non-current
benefits &ndash; pension costs and other post-retirement benefits </B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">The Company has several retirement
plans for its employees.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">For defined contribution
plans, the Company's obligations are limited to a monthly contribution linked to a pre-defined percentage of the remuneration of employees
enrolled into these plans.<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">For
defined benefit plans, actuarial calculations are periodically obtained for liabilities determined in accordance with the Projected Unit
Credit Method in order to estimate the Company&rsquo;s obligation. The liability recognized in the statement of financial position represents
the present value of the defined benefit obligation as of that date, less the fair value of plan assets. The Company recognized in the
income statement the costs of services, the interest expense of the obligations and the interest income of the plan assets. The remeasurement
of gains and losses, return on plan assets (excluding the amount of interest on return of assets, which is recognized in income for the
year) and changes in the effect of the ceiling of the active and onerous liabilities are recognized in comprehensive income for the year.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">For overfunded plans, the
Company recognizes the net defined benefit assets limited to the present value of the economic benefits available as refunds or reductions
in future contributions, considering minimum funding requirements applicable. For underfunded plans, the Company recognizes net defined
benefit liabilities. The gain or loss on recognition/remeasurement of these net assets/liabilities are recognized in income statement
or in comprehensive income, when arising from the actuarial valuation.</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

</DIV>

<DIV STYLE="margin-right: -0.05pt; margin-left: 0in; padding: 1pt 4pt; border: #A6A6A6 1pt solid">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: #007E7A"><B>Critical accounting
estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9"><FONT STYLE="color: #007E7A"><B>Post-retirement
benefits for employees - </B></FONT>The amounts recognized depend on several factors that are determined based on actuarial calculations
using various assumptions in order to determine costs and liabilities. One of these assumptions is selection and use of the discount rate.
Any changes to these assumptions will affect the amount recognized.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">At the end of each year the Company
and external actuaries review the assumptions that will be used for the following year. These assumptions are used in determining the
fair values of assets and liabilities, costs and expenses and the future values of estimated cash outflows, which are recorded in the
plan obligations.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #D9D9D9">&nbsp;</P>

</DIV>

<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: 100%; border: white 1.5pt double; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 97 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_037"></A>30. Equity</B></P>

<P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share
capital</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">As of December 31, 2023,
the share capital was US$ 61,614 corresponding to 4,539,007,580 shares issued and fully paid without par value. The Board of Directors
may, regardless of changes to by-laws, approve the issue and cancelation of common shares, including the capitalization of profits and
reserves to the extent authorized.</FONT></P>

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; width: 52%; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Shareholders </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 17%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Common shares</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B><I>Golden shares</I></B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 16%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Previ</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">395,314,056</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">395,314,056</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Mitsui&amp;co</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">286,347,055</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">286,347,055</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Blackrock, Inc</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">264,763,034</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">264,763,034</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total shareholders with more than 5% of capital (i)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>946,424,145</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>946,424,145</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Free floating</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,353,430,143</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,353,430,143</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Golden shares</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total outstanding (without shares in treasury)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,299,854,288</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,299,854,300</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Shares in treasury</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">239,153,280</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">239,153,280</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total capital</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,539,007,568</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,539,007,580</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The number of shares is based on communications sent by
shareholders pursuant to Resolution 44 issued by the Brazilian Securities Exchange Commission (&ldquo;CVM&rdquo;).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Cancelation of treasury shares</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">During 2023 and 2022, the Board of Directors approved cancellations
of common shares issued by the Company, acquired and held in treasury, without reducing the amount of its share capital, as shown below.
The effects were transferred in shareholders' equity as &quot;Treasury shares cancelled&quot;, between the &quot;Revenue reserve&quot;
and &quot;Treasury shares&quot;.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 54%; border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Number of canceled shares</B></FONT></TD>
    <TD STYLE="width: 23%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Carrying amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cancelation approved on March 2, 2023 (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">239,881,683</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,164</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Year ended December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>239,881,683</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,164</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cancelation approved on February 24, 2022 (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">133,418,347</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,830</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cancellation approved on July 28, 2022</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">220,150,800</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,786</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Year ended December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>353,569,147</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,616</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 98 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin-top: 0pt; margin-bottom: 6pt; text-align: left"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>c)
Share buyback program</B></FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In 2023 and 2022, the Board of Directors approved shares buyback
programs for Vale&rsquo;s shares, as described below.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total of shares repurchased</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Effect on cash flows</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 46%; border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shares buyback program up to 150,000,000 shares (i)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by Parent</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,500,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by wholly owned subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,500,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,000,000</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shares buyback program up to 500,000,000 shares (ii)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by Parent</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">93,638,352</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">87,779,900</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,378</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,375</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by wholly owned subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">88,058,750</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">90,847,177</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,292</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,410</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>181,697,102</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>178,627,077</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,670</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,785</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shares buyback program up to 470,000,000 shares (iii)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by Parent</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">81,855,600</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,501</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by wholly owned subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">96,959,900</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,750</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>178,815,500</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,251</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shares buyback program</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>184,697,102</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>357,442,577</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,714</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,036</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) On October 26, 2023, a new share buyback program limited
to a maximum of 150,000,000 common shares and their respective ADRs, over the next 18 months started from the end of the program previously
on going.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) On April 27, 2022, the Board of Directors approved the
common shares buyback program, limited to a maximum of 500,000,000 common shares or their respective ADRs, with a term of 18 months.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(iii) On April 1, 2021, the Board of Directors approved the
common share buyback program, limited to a maximum of 270,000,000 common shares or their respective ADRs. In continuation of the previous
program, the Board of Directors approved a new share repurchase program on October 28, 2021, with a limit of up to 200,000,000 common
shares or their respective ADRs. Both programs ended in 2022.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>d) Profit distribution</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 61%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income of the year</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,983</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,788</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Appropriation to legal reserve (i)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(276)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Appropriation to tax incentive reserve</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(891)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,157)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income after appropriations to legal reserve and tax incentive reserve</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,092</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,355</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Minimum remuneration to shareholders (ii)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,042</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,386</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Additional shareholders' remuneration</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">from the net income for the year</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,066</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">437</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total remuneration to shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,108</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,823</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Appropriation to statutory reserve</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">984</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8,821</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Appropriation to retained earnings reserve</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,711</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) In 2022, the limit of 20% of the share capital for the constitution
of the legal reserve was reached, in accordance with article 193 of Law 6,404 and article 39 of the Company's By-laws.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) Mandatory minimum remuneration was fully approved.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Remuneration approved </B></P>

<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company's By-laws determines
as its minimum mandatory remuneration to Vale shareholders an amount equal to 25% of the net income, after appropriations to legal and
tax incentive reserves. The remuneration approved as interest on capital (&ldquo;JCP&rdquo;) is gross up with the income tax applicable
to Vale&rsquo;s shareholders. The remuneration to Vale&rsquo;s shareholders was based on the following resolutions:</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
February 22, 2024 (subsequent event), the Board of Directors has approved remuneration to
shareholders in the total amount of US$2,364 (R$11,722 million). The total amount was approved as dividends and recorded in equity as
&ldquo;Additional remuneration reserve&rdquo;. The payment is expected by March 2024.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
October 26, 2023, the Board of Directors approved an additional remuneration to its shareholders in the amount of US$2,000 (R$10,033 million)
as an anticipation of the shareholders remuneration for the year ending December 31, 2023, of which US$657 (R$3,295
million) was approved as interest on capital and US$1,343 (R$6,738 million) as dividends. The payment of this remuneration was fully paid
in December 2023.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 99 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
July 27, 2023, the Board of Directors approved interest on capital to its shareholders in the amount of US$1,744 (R$8,277 million) as
an anticipation of remuneration for the year ended December 31, 2023. The payment of this remuneration was fully paid in September 2023.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
February 16, 2023, the Board of Directors approved the shareholder&rsquo;s
remuneration of US$1,569 (R$8,130 million), of which US$1,132 (R$5,865 million) is part of the minimum mandatory remuneration, recorded
as a liability for the year ended December 31, 2022, and US$437 (R$2,265 million) as an additional remuneration, recorded in equity as
&ldquo;Additional remuneration reserve&rdquo;. The payment of this remuneration was fully paid in March 2023.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
December 1, 2022, the Board of Directors approved interest on capital to shareholders
in the amount of US$254 (R$1.319 million), as an anticipation of the income for the year ended December 31, 2022, which is part of the
minimum mandatory remuneration, recorded as a liability for the year ended December 31, 2022. The payment of this remuneration was fully
paid in March 2023.</FONT></TD></TR></TABLE>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">On July 28, 2022, the Board of Directors approved the remuneration to shareholders
in the amount of US$3,000 (R$16,243 million), which is part of the minimum mandatory remuneration, recorded as a liability for the year
ended December 31, 2022. The payment of this remuneration was fully paid in September 2022. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">On February 24, 2022, the Board of Directors approved the remuneration to shareholders
in the amount of US$3,500 (R$17,849 million) as an additional remuneration for the year ended December 31, 2021, recorded in equity as
&ldquo;Additional remuneration reserve&rdquo;. The payment of this remuneration was fully paid in March 2022. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">e) Profit reserves</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Legal reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Tax incentive reserve</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>&nbsp;Statutory reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Retained earnings reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Additional remuneration reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total of profit reserves</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2021</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,523</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,083</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,898</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,198</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,702</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Allocation of income</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">276</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,157</FONT></TD>
    <TD STYLE="background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8,821</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,711</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">437</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14,402</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deliberated dividends and interest on capital of Vale's shareholders</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,500)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,500)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Treasury shares cancellation</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,616)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,616)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tranfer of reserves</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">165</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">173</FONT></TD>
    <TD STYLE="background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">249</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(133)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">302</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">756</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2022</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,964</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,416</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,349</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,578</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>437</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>20,744</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Allocation of income</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">891</FONT></TD>
    <TD STYLE="background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">984</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,364</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,239</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deliberated dividends and interest on capital of Vale's shareholders</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(437)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(437)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Treasury shares cancellation</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,164)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,164)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">230</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">383</FONT></TD>
    <TD STYLE="background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">604</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">278</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,495</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,194</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,690</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,773</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,856</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,364</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>21,877</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Legal reserve -</B></FONT> Is
a legal requirement for Brazilian public companies to retain 5% of the annual net income up to 20% of the capital. The reserve can only
be used to compensate losses or to increase capital. The reserve can only be used to absorb losses or to increase capital. In 2022, the
limit of 20% of the share capital for the constitution of the legal reserve was reached, in accordance with article 193 of Law No. 6,404
and article 39 of the Company's By-laws.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Tax incentive reserve -</B></FONT>
Results from the option to designate a portion of the income tax for investments in projects approved by the Brazilian Government as well
as tax incentives.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Statutory reserve -</B></FONT>
Aims to ensure the maintenance and development of the main activities that comprise the Company&rsquo;s operations and to retain budgeted
capital for investments. Based on the Company&rsquo;s by-laws, this reserve is capped to 50% of the annual distributable net income, up
to the amount of the share capital.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Retained earnings reserve &ndash;</B></FONT>&nbsp;It
is intended to be used in investments for capital expenditures as allowed by the Brazilian Corporate Law.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Additional remuneration reserve
-</B></FONT> Results from the remuneration proposed by Management that exceeds the mandatory minimum remuneration of 25% of the adjusted
net income.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 100 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<DIV STYLE="padding: 1pt 0in; border-top: #A6A6A6 0.5pt solid; border-bottom: #A6A6A6 0.5pt solid">

<P STYLE="color: #007E7A; font: bold 7pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Accounting
policy</P>

<P STYLE="color: #007E7A; font: bold 6pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A">Share
capital and treasury shares -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">The Company holds shares in treasury for a future
sale, cancellation or for the payment of the executives' long-term compensation programs. These shares are recognized in a specific account
as a reduction of equity to the acquisition value and maintained at the cost of the transaction. Incremental costs directly attributable
to the issue of new shares or options are recognized in equity as a deduction from the amount raised, net of taxes.</FONT></P>

<P STYLE="color: #007E7A; font: bold 7pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A">Shareholder&rsquo;s
remuneration -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">The shareholder&rsquo;s remuneration is paid on dividends and
interest on capital. This remuneration is recognized as a liability in the financial statements of the Company based on by-laws. Any amount
above the minimum mandatory remuneration approved by the by-laws shall only be recognized in current liabilities on the date that is approved
by shareholders.</FONT></P>

<P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">The
Company is permitted to distribute interest attributable to equity. The calculation is based on the equity amounts as stated in the statutory
accounting records and the interest rate applied may not exceed the Brazilian Government Long-term Interest Rate (&ldquo;TJLP&rdquo;)
determined by the Central Bank of Brazil. Also, such interest may not exceed 50% of the net income for the year or 50% of retained earnings
plus profit reserves as determined by Brazilian corporate law.</FONT></P>

<P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">The
benefit to the Company, as opposed to making a dividend payment, is a reduction in the income tax burden because this interest charge
is tax deductible in Brazil. Income tax of 15% is withheld on behalf of the shareholders relative to the interest distribution. Under
Brazilian law, interest attributed to equity is considered as part of the annual minimum mandatory dividend. This notional interest distribution
is treated for accounting purposes as a deduction from equity in a manner similar to a dividend and the tax deductibility recorded in
the income statement.</FONT></P>

<P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_038"></A>31. Related parties</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company&rsquo;s related
parties are subsidiaries, joint ventures, associates, shareholders and its related entities and key management personnel of the Company.</FONT></P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Related party transactions
were made by the Company on terms equivalent to those that prevail in arm&acute;s-length transactions, with respect to price and market
conditions that are no less favorable to the Company than those arranged with third parties.</FONT></P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Net operating revenue relates
to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relates to the variable
lease payments of the pelletizing plants.</FONT></P>

<P STYLE="font: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Purchases, accounts receivable
and other assets, and accounts payable and other liabilities relate largely to amounts charged by joint ventures and associates related
to the pelletizing plants operational lease and railway transportation services. </FONT></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions
with related parties</P>

<P STYLE="font: bold 10pt Vale Sans,sans-serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 32%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">93</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">434</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">640</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(126)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(121)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(105)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(227)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(38)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(337)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(34)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(349)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(15)</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(114)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">32</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">41</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>125</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(923)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(37)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>476</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(998)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(37)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>645</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(857)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(13)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">321</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(29)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">289</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(26)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">255</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>321</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(30)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>290</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(26)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>256</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(21)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(2)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">201</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">381</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(528)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">280</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">416</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">261</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>290</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(11)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>201</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>416</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>384</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>261</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(515)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total of continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>736</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(964)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>161</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,182</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,024)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>344</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,162</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(878)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(530)</B></FONT></TD></TR>

<TR>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; width: 32%; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discontinued operation - Coal </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; vertical-align: bottom; width: 7%; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; vertical-align: bottom; width: 7%; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; vertical-align: bottom; width: 6%; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; vertical-align: bottom; width: 7%; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; vertical-align: bottom; width: 11%; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; vertical-align: bottom; width: 6%; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; vertical-align: bottom; width: 7%; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; vertical-align: bottom; width: 11%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(95)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; white-space: nowrap; vertical-align: bottom; width: 6%; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>736</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(964)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>161</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,182</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,024)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>344</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,162</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(973)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(515)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o,
Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia
Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>
<!-- Field: Page; Sequence: 101 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding
balances with related parties</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 28%; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Dividends receivable and other assets</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Dividends receivable and other assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">91</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>104</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>95</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>117</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>47</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">176</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">313</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">335</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">154</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">89</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>234</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>313</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>365</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>89</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>154</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pension plan</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>234</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>89</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>419</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>365</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>211</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>272</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o,
Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia
Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 36%">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial instruments and other liabilities</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial instruments and other liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">290</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">400</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>138</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>290</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>151</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>400</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>59</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>53</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">75</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>23</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>75</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pension plan</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>158</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>372</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>171</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>528</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o,
Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia
Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 102 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="text-align: left; font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key
management personnel compensation</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 18%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 18%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 18%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Short&#45;term benefits</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Wages</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Direct and indirect benefits</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Profit sharing program (&ldquo;PLR&rdquo;)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>23</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>24</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>20</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Long&#45;term benefits</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Shares based</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Severance</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>39</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>33</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #00807A"><B><A NAME="a_039"></A>32.
</B></FONT><B><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">Commitments and guarantees granted</FONT></B></P>

<P STYLE="color: navy; font: bold 9pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #007E7A; font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Commitments</FONT></TD></TR></TABLE>

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 66%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Purchase of raw materials and services</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,361</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,534</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Purchase of energy </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,316</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,605</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,677</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,139</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Commitments arise mainly
from contracts for the acquisition of fuel and power and the purchase of raw materials and services. They represent the minimum required
and non-cancelable payments related to contractual obligations. </FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Guarantee</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 42%; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Guarantee</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Restricted cash</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Liability (i)</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Guarantee</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; vertical-align: bottom; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Restricted cash</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 10%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Liability (i)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">274</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,522</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">910</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">644</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">73</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,184</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,166</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>73</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>103</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The fair value of these financial guarantees is recorded
as &ldquo;Other financial liabilities&rdquo; (note 14).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Guarantees for associates and
joint ventures -</B></FONT> The Company has issued financial guarantees to certain associates and joint ventures to the extent of its
direct and indirect ownership interest. In March 2023, the Company completed the sale of its interest in CSP and derecognized the financial
guarantee granted by the Company (note 16f). In 2022, there was an improvement in the credit risk rating of the associates and as a result
of the decrease in the probability of default on the guaranteed debts, resulting in a gain in the amount of US$481 (2021: US$312) (note
6).</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Guarantees related to asset
retirement obligations -</B></FONT> The Company has financial guarantees provided for the asset retirement obligations of its energy transition
metals operations in Canada. In addition, for Indonesia, as collateral in relation to the bank guarantees issued by the bank in relation
to the reclamation and mine closure guarantees Vale has bank deposits as collateral in relation to the bank guarantees issued by the bank
in relation to the reclamation and mine closure guarantees.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Fixed assets given as guarantee
for loans and financing -</B></FONT> The securities issued through Vale&rsquo;s wholly owned finance subsidiary Vale Overseas Limited
are fully and unconditionally guaranteed by Vale and no other subsidiary of the Parent Company guarantees those securities.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<DIV STYLE="border-top: #A6A6A6 0.5pt solid; padding-top: 1pt; border-bottom: #A6A6A6 0.5pt solid; padding-bottom: 1pt">

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Accounting
policy</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>




<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A">Power
Purchase Agreements (&ldquo;PPAs&rdquo;) - </FONT><FONT STYLE="font-weight: normal; color: windowtext">The Company holds PPAs that were
entered into and continue to be held for own use. As such, these contracts fall outside the scope of IFRS 9 &ndash; Financial Instruments.
These PPAs are accounted for as executory contracts and are recorded as energy is received.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 16pt Caecilia Light; margin: 0; text-align: justify; color: #007e7a"></P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: right; color: gray"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE>
<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: right; color: gray"><B>&nbsp;</B></P>



<P STYLE="margin: 0pt"></P>

<P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 103; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <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>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Vale S.A.<BR>
    (Registrant) &nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Thiago Lofiego</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Date: February 22, 2024</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in"> Director of Investor Relations</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt"></P>



<P STYLE="margin: 0pt"></P>

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$4 ?_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
