<SEC-DOCUMENT>0001292814-24-001547.txt : 20240425
<SEC-HEADER>0001292814-24-001547.hdr.sgml : 20240425
<ACCEPTANCE-DATETIME>20240424190225
ACCESSION NUMBER:		0001292814-24-001547
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240331
FILED AS OF DATE:		20240425
DATE AS OF CHANGE:		20240424

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:		24872291

	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>valedfifrs1q24_6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE>FORM 6-K</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



<!-- Field: Page; Sequence: 1 -->
    <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="margin: 0pt"></P>

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

<P STYLE="text-align: center; font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 919px; width: 649px"></P>

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


<!-- Field: Page; Sequence: 2; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 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="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">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_002">Consolidated Interim Income Statement</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_003">Consolidated Interim Statement of Comprehensive Income</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_004">Consolidated Interim Statement of Cash Flows</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_005">Consolidated Interim Statement of Financial Position</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_006">Consolidated Interim Statement of Changes in Equity</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_007">1. Corporate information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_008">2. Basis of preparation of condensed consolidated interim financial statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_009">3. Significant events and transaction related to the three-month period ended March 31, 2024</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_010">4. Information by business segment and geographic area</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_011">5. Costs and expenses by nature</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_012">6. Financial results</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_013">7. Taxes</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_014">8. Basic and diluted earnings per share</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_015">9. Cash flows reconciliation</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_016">10. Accounts receivable</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_017">11. Inventories</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_018">12. Suppliers and contractors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_019">13. Other financial assets and liabilities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_020">14. Investments in associates and joint ventures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_021">15. Acquisitions and divestitures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_022">16. Intangibles</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">23</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_023">17. Property, plant, and equipment</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">23</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_024">18. Financial and capital risk management</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_025">19. Financial assets and liabilities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_026">20. Participative shareholders&rsquo; debentures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_035">21. Loans, borrowings, cash and cash equivalents and short-term investments</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_027">22. Leases</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_028">23. Brumadinho dam failure</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_029">24. Liabilities related to associates and joint ventures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">37</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_030">25. Provision for de-characterization of dam structures and asset retirement obligations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">39</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_031">26. Legal proceedings</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_032">27. Employee benefits</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_033">28. Equity</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><A HREF="#a_034">29. Related parties</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
</TABLE>
<P STYLE="font: 8pt/150% Vale Sans,sans-serif; margin: 0 0 0 35.45pt"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><A NAME="a_001"></A>&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 57.85pt; width: 76.25pt"></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 13pt Georgia, Times, Serif; margin: 0"><B>Report of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">To the shareholders and Board of Directors of</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">Vale S.A.</P>

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

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><B><I>Results of Review of Interim Financial </I></B></P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><B><I>Statements</I></B></P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">We have reviewed the accompanying consolidated interim statement of
financial position of Vale S.A. and its subsidiaries (the &ldquo;Company&rdquo;) as of March 31, 2024, and the related consolidated interim
income statement and statements of comprehensive income, changes in equity and cash flows for the three-month periods ended March 31,
2024 and March 31, 2023, including the related notes (collectively referred to as the &ldquo;interim financial statements&rdquo;). Based
on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for
them to be in conformity with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB).</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">We have previously audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), the consolidated statement of financial position of the Company as of December
31, 2023, and the related consolidated income statement and statements of comprehensive income, changes in equity and cash flows for the
year then ended (not presented herein), and in our report dated February 22, 2024, we expressed an unqualified opinion on those consolidated
financial statements. In our opinion, the information set forth in the accompanying consolidated statement of financial position as of
December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated statement of financial position from which
it has been derived.</P>

<P STYLE="font: 7pt/115% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><B><I>Basis for Review Results</I></B></P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">These interim financial statements are the responsibility of the Company&rsquo;s
management. 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. We conducted our review in accordance with the standards of the
PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons
responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards
of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly,
we do not express such an opinion.</P>

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

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">/s/ PricewaterhouseCoopers Auditores Independentes Ltda.</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">Rio de Janeiro, RJ, Brazil</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">April 24, 2024</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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: 22pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_002"></A>Consolidated Interim 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="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: teal"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</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: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 15%; 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></TR>
  <TR STYLE="vertical-align: bottom">
    <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">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">8,459</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">8,434</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">(5,367)</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">(4,949)</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>3,092</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>3,485</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></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></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">(140)</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 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">(156)</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">(139)</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">25</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">(92)</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">(124)</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">(256)</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">(223)</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="border-bottom: Teal 1pt solid; vertical-align: bottom; 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>2,448</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>2,881</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></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">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">121</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">(339)</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">(320)</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">(207)</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">(331)</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">14 and 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">124</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">(55)</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>2,135</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>2,296</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></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">7</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">(448)</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">(418)</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></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>1,687</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>1,878</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">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">41</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>1,679</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>1,837</B></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></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">8</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></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">0.39</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">0.41</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 interim
financial statements.</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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: 22pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_003"></A>Consolidated Interim 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="2" STYLE="border-top: white 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>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 60%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; white-space: nowrap; width: 15%; 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></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>1,687</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>1,878</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></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></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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,225)</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">944</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: 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: 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">(7)</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,185)</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>937</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></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></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: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">178</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">(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">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">18(h)</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">(56)</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">49</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">18(h)</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">-</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></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">&nbsp;</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">51</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></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: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>173</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>(89)</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>675</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>2,726</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></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">6</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">48</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>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>669</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>2,678</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 when applicable and the related
taxes are disclosed in note 7.</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 interim
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>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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: 22pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_004"></A>Consolidated Interim 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&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" 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: teal"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 60%; 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: teal"><B>Notes</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: teal"><B>2024</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: teal"><B>2023</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>&nbsp;9(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>4,479</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>4,280</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">&nbsp;9(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">(186)</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">(169)</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 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">&nbsp;18(d) </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">43</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">38</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">23</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">(135)</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">(124)</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">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">(119)</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">(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">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: #F4F4F4; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(506)</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">(337)</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>3,576</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>3,610</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: #F4F4F4; 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></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">&nbsp;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">(1,395)</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">(1,130)</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">Payments related to Samarco dam failure</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">(86)</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">(77)</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">Additions to investments </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; 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">-</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">(7)</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 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">&nbsp;9(b) </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">-</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">(67)</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">&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">3</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></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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(44)</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">(55)</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: 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; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: 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>(1,519)</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>(1,326)</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></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></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">&nbsp;9(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">870</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">300</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">&nbsp;9(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">(62)</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">(39)</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">22</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">(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">(47)</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">&nbsp;28(d) </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">(2,328)</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">(1,795)</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: 4.25pt; padding-left: 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">(3)</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">&nbsp;28(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">(275)</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">(763)</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>(1,836)</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>(2,347)</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></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 increase (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: 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="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>(63)</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 period</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">3,609</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">4,736</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: 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: #DADADA 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></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 period</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: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,790</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>4,705</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 interim
financial statements.</P>

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


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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: 22pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_005"></A>Consolidated Interim 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: 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 STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: white 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: 15%; border-top: white 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>March 31, 2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: white 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></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: #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 assets</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DADADA 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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">Cash and cash equivalents</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">21</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">3,790</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,609</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">Short-term investments</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">21</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">44</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; 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></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">Accounts receivable</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">10</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">2,233</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,197</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 assets</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">420</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; 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></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">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">11</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">5,195</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,684</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">Recoverable taxes</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; 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(e)</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">840</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; 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></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">Judicial deposits</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(c)</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">672</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; 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></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">364</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">444</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>13,558</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>14,767</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">15(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">3,970</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">3,933</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>17,528</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>18,700</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 assets</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">Judicial deposits</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(c)</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">669</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; 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></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">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">336</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">593</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #DADADA 1pt solid; 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">Recoverable taxes</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; 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(e)</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">1,384</FONT></TD>
    <TD STYLE="border-top: #DADADA 1pt solid; border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,374</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">7(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">9,699</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,565</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">1,358</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">1,257</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>13,446</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>13,587</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">1,893</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,872</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">Intangibles</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">16</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">11,258</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,631</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">17</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">47,552</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">48,396</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>74,149</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>75,486</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>91,677</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>94,186</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt 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: 60%; 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: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 15%">&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">12</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">5,546</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">5,272</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">21</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">1,286</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">824</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">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">192</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">197</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">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">1,708</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">1,676</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">7(e)</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">1,698</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">1,314</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">7(c)</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">492</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">428</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">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">1,063</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">1,057</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">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">923</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">837</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">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">1,045</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">1,035</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">26(a)</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">117</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">114</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">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">602</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">964</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">464</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">376</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>15,136</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>14,094</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">15(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">540</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">561</FONT></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>15,676</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>14,655</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">21</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">11,962</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">11,647</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">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">1,234</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">1,255</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">20</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">2,621</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">2,874</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">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">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">3,043</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">3,373</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">7(c)</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">1,515</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">1,723</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">7(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">848</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">870</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">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">1,831</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">2,003</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">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">3,267</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">3,590</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">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">6,261</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">6,694</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">26(a)</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">885</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">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">1,288</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">1,381</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; 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">1,956</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">1,962</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">277</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">293</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>36,988</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>38,550</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>52,664</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>53,205</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">28</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">37,487</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">39,461</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">1,526</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">1,520</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>39,013</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>40,981</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>91,677</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>94,186</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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: 22pt Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_006"></A>Consolidated Interim 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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 29%; border-bottom: teal 1pt solid"><FONT STYLE="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="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 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>Total
    equity</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: 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: 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>21,877</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>(3,504)</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>(1,774)</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>(39,891)</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</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>39,461</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>1,520</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>40,981</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">1,679</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">1,679</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</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">1,687</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(606)</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">50</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">(454)</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">(1,010)</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)</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">(1,012)</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">28(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">(2,364)</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">(2,364)</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">(2,364)</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; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">28(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">(275)</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">(275)</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">(275)</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 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">27(a)</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">2</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">(6)</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)</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)</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 March 31, 2024</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>18,907</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>(3,777)</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>(1,730)</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>(40,345)</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>1,679</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>37,487</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>1,526</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>39,013</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></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, 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; 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>20,744</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>(4,980)</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>(1,675)</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>(40,975)</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>35,867</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>1,491</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>37,358</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">1,837</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">1,837</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">41</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">1,878</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">500</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">5</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">336</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">841</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">7</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">848</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">28(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">(437)</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: 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">(437)</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">(437)</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">(4)</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)</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; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">28(c)</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">(763)</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">(763)</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">(763)</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 used and 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">28(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: 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">(4,164)</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">4,189</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: 4.25pt; 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; 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">25</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">Share-based
    payment program </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">27(a)</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">-</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">(24)</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">(24)</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">(24)</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 March 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; 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>16,643</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>(1,554)</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>(1,694)</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>(40,639)</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>1,837</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>37,346</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>1,535</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>38,881</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 interim
financial statements.</P>

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


<!-- Field: Page; Sequence: 9; Options: NewSection; Value: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_007"></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"><FONT STYLE="letter-spacing: -0.15pt">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.</FONT></P>

<P STYLE="font: 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"><FONT STYLE="letter-spacing: -0.15pt">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 28.</FONT></P>

<P STYLE="font: 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"><FONT STYLE="letter-spacing: -0.15pt">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.</FONT></P>

<P STYLE="font: 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"><FONT STYLE="letter-spacing: -0.15pt">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.</FONT></P>

<P STYLE="font: 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"><FONT STYLE="letter-spacing: -0.15pt">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.</FONT></P>

<P STYLE="font: 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"><FONT STYLE="letter-spacing: -0.15pt">The Company's operations
are organized into two operational segments: &quot;Iron Ore Solutions&quot; and &quot;Energy Transition Metals&quot; (note 4).</FONT></P>

<P STYLE="font: 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"><FONT STYLE="color: teal; letter-spacing: -0.15pt"><B>Iron
Ore Solutions</B></FONT> <FONT STYLE="letter-spacing: -0.15pt">&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.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></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; letter-spacing: -0.15pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal; letter-spacing: -0.15pt"><B>Iron
ore:</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; letter-spacing: -0.15pt">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></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; letter-spacing: -0.15pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal; letter-spacing: -0.15pt"><B>Iron
ore pellets:</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; letter-spacing: -0.15pt">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 0 0 0.5in; 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"><FONT STYLE="color: teal; letter-spacing: -0.15pt"><B>Energy
Transition Metals</B></FONT> <FONT STYLE="letter-spacing: -0.15pt">&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&rdquo;. </FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></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; letter-spacing: -0.15pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal; letter-spacing: -0.15pt"><B>Nickel:</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; letter-spacing: -0.15pt">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 February 2024, the Company signed a definitive agreement related to the divestment
obligation in PT Vale Indonesia Tbk (&quot;PTVI&quot;), which will result in the loss of control over this operation (note 15b). 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"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></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; letter-spacing: -0.15pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal; letter-spacing: -0.15pt"><B>Copper:</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; letter-spacing: -0.15pt">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"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></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; letter-spacing: -0.15pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal; letter-spacing: -0.15pt"><B>Cobalt,
PGM, and other precious metals:</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; letter-spacing: -0.15pt">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>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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"></P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_008"></A>2. Basis of preparation of condensed consolidated
interim 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 condensed consolidated
interim financial statements of the Company (&ldquo;interim financial statements&rdquo;) have been prepared and are being presented in
accordance with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;).
All relevant information for the interim financial statements, and only this information, are presented and consistent 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 interim financial statements
have been prepared to update users on the relevant events and transactions that occurred in the period and must be read together with
the financial statements for the year ended December 31, 2023. Accounting policies, accounting estimates and judgments, risk management
and measurement methods are the same as those adopted in the preparation of the latest annual financial statements. </FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">These interim financial statements
were authorized for issue by the Board of Directors on April 24, 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) 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 interim 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$&rdquo;). For presentation purposes, these interim
financial statements are presented in United States dollars (&ldquo;US$&rdquo;) as the Company believes that this is how international
investors analyze the financial statements.&nbsp;</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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 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 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>Closing rate</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 33%">&nbsp;</TD>
    <TD STYLE="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: teal"><B>March 31, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; 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: teal"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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: teal"><B>2024</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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: teal"><B>2023</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; 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;4,9962 </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">4.8413</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; 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;4,9515 </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">5.1963</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; 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;3,6924 </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">3.6522</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; 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;3,6723 </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">3.8422</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; 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;5,3979 </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">5.3516</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; 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;5,3768 </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">5.5763</FONT></TD></TR>
  </TABLE>
<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 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_009"></A>3. Significant events and transaction
related to the three-month period ended March 31, 2024</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.8pt">&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: 21.3pt"><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 Alian&ccedil;a
Gera&ccedil;&atilde;o de Energia S.A. (&ldquo;Alian&ccedil;a Gera&ccedil;&atilde;o&rdquo;) - </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In
March 2024, the Company entered into an agreement with Cemig Gera&ccedil;&atilde;o e Transmiss&atilde;o S.A. (&quot;Cemig GT&quot;) for
the acquisition of the entire interest held in Alian&ccedil;a Gera&ccedil;&atilde;o, for US$500 (R$2,700 million). Upon completion of
the transaction, which is subject to usual conditions precedent, Vale will hold 100% of Alian&ccedil;a Gera&ccedil;&atilde;o&rsquo;s share
capital and will consolidate the entity. Further details are presented in note 15(a) of these interim financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><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
&ndash; </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In March 2024, the Company paid dividends and interest
on capital to its shareholders in the amount of US$2,328. Further details are presented in note 28(d) of these interim financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.8pt">&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: 21.3pt"><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 February 2024, the Company and Sumitomo Metal Mining Co., Ltd. (&ldquo;SMM&rdquo;) signed
a definitive agreement with PT Mineral Industri Indonesia (&ldquo;MIND ID&rdquo;) to sell a portion of the investment held in PTVI. Upon
completion of the transaction, Vale will receive US$160 for its stake in PTVI. The closing of the transaction is subject to usual conditions
precedent and expected to occur in 2024. Further details are presented in note 15(b) of these interim financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><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; color: #007E7A">Acquisition of equity
interest in Anglo American Min&eacute;rio de Ferro Brasil S.A. (&ldquo;Anglo American Brasil&rdquo;)</FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">&ndash;
<FONT STYLE="font-weight: normal; color: windowtext">In February 2024, 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. Further details are presented in note 15(c) of
these interim financial statements.</FONT></FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; 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_010"></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 0 10pt; 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 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">In 2024, the Company changed its adjusted EBITDA definition
to include the &ldquo;EBITDA from associates and joint ventures&rdquo;, which is a measure of their &ldquo;equity results&rdquo; (note
14) excluding (i) net finance costs; (ii) depreciation, depletion, and amortization; (iii) taxation and (iv) impairments.</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">Therefore, the Company&rsquo;s adjusted EBITDA is defined
as operating income or loss, including the EBITDA from interests in associates and joint ventures; and excluding (i) depreciation, depletion,
and amortization; and (ii) impairment and results on disposal of non-current assets, net and other. The comparative information in these
interim financial statements was restated to reflect this change in the adjusted EBITDA definition.</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">Additionally, as a result of the reorganization of assets
and the governance established for the Energy Transition Metals segment, the &ldquo;Other&rdquo; segment was reorganized for a better
allocation of direct effects on the Iron Ore Solutions and Energy Transition Metals businesses. These effects were allocated to each segment
starting from the period ended March 31, 2024.</P>

<P STYLE="font: 10pt Vale Sans,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 STYLE="white-space: nowrap; width: 28%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>Segment</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 72%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>Main activities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Iron Ore Solutions</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: 10pt">Comprises the extraction and production of iron ore, iron ore pellets, other ferrous products, and its logistic related services. &nbsp;</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>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 corporate expenses not allocated to the operating segment, research and development of greenfield exploration projects, as well
as expenses related to the Brumadinho event and de-characterization of dams and asset retirement obligations.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: white 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>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; border-bottom: #C1C1C1 1pt solid">&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>Notes</B></FONT></TD>
    <TD STYLE="width: 15%; 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: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023 (restated)</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 </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">2,507</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">2,696</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">882</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">692</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">70</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">70</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 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>3,459</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,458</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; 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">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">353</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">Copper</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">284</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">220</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 energy transition metals</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(44)</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: #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>257</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #C1C1C1 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>573</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; 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 (i)</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"><B>(278)</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>(317)</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></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 </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>3,438</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>3,714</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></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">&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">(714)</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">(656)</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
    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">&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">(73)</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">(39)</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">EBITDA 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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(203)</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">(138)</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>2,448</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>2,881</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></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">14</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">124</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">(55)</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">(437)</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">(530)</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="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>2,135</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>2,296</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: 8pt/115% Vale Sans,sans-serif; margin: 0">(i) Includes expenses from Vale Base Metals Limited that were not allocated
to the operating segment in the amount of US$47 for the three-month period ended March 31, 2024.</P>




<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) Includes adjustments of US$67 for the three-month period
ended March 31, 2024 (2023: US$35), to reflect the performance of the streaming transactions at market prices.</P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt/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>b) Net operating revenue by shipment destination</B></P>

<P STYLE="font: 11pt 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>Three-month period ended March 31, 2024</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 Solutions</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(0,126,122) 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></TR>
  <TR>
    <TD STYLE="width: 37%; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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 pellets</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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 ferrous products and services</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>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: 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>Other energy transition metals</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>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">3,528</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">54</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">92</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">3,674</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">520</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">65</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">97</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">682</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">599</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">39</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</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">109</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">64</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">814</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">329</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">521</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">145</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">8</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</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">1,006</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">52</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">191</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">243</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">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">-</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">121</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">123</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">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">-</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">306</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">68</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">35</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">96</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">127</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">326</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">241</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">168</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">-</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">682</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">7</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">711</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">8</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">726</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>5,292</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>1,585</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>148</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>854</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>577</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</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>8,459</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&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>Three-month period ended March 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 Solutions</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,126,122) 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="width: 37%; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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 pellets</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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 ferrous products and services</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>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: 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>Other </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>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">3,275</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">-</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">78</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>
    <TD STYLE="border-bottom: #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">3,407</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">479</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">52</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">158</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">689</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">403</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">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">140</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">44</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">630</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">361</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">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">105</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">19</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">919</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">86</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">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">511</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">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">146</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">143</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">290</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">91</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; padding-right: 4.25pt; 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">174</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">130</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">428</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">372</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">139</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">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">262</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">1,135</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">416</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">9</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">425</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>4,982</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>1,322</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>107</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>1,508</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>490</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>25</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>8,434</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">No customer individually represented 10% or more of the Company&rsquo;s
revenues in the periods presented above.</P>

<P STYLE="font: 10pt 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>c) Assets by segment</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>&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>March 31, 2024</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, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 28%; border-bottom: #DADADA 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron 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="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>Iron Solutions</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>Energy Transition Metals</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>Other</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: #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">1,362</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">531</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>1,893</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">1,349</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">523</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>1,872</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">37,759</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">18,032</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">3,019</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>58,810</B></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">38,376</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">18,341</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">3,310</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>60,027</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="8" 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>Three-month period ended March 31,</B></FONT></TD></TR>
  <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>2024</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>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</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: teal"><B>Iron Solutions</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: teal"><B>Energy Transition Metals</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: teal"><B>Other</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: 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"><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">681</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">328</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">19</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>1,028</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">512</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">263</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">29</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>804</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">320</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">8</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>367</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">236</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">72</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">18</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>326</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>1,001</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>367</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>27</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>1,395</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>748</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>335</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>47</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>1,130</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.</P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt/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>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>March 31, 2024</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, 2023</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 28%; border-bottom: #D9D9D9 1pt solid">&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>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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: rgb(0,126,122) 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: rgb(0,126,122) 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="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>Investments in associates and joint ventures</B></FONT></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>Intangible</B></FONT></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>Property, plant and equipment</B></FONT></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></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">1,893</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">9,490</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">33,144</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>44,527</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">1,872</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">9,822</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">33,769</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>45,463</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">1,766</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">11,717</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>13,483</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">1,808</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">11,890</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>13,698</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 </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">60</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>60</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">59</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>59</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">14</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>15</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">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">715</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>716</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">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>731</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">667</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>667</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">678</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>678</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">1,231</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>1,231</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">1,251</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>1,251</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>1,893</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>11,258</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>47,552</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>60,703</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>1,872</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>11,631</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>48,396</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>61,899</B></FONT></TD></TR>
  </TABLE>
<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_011"></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>

<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="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>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 70%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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: #007E7A"><B>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">Services</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">1,031</FONT></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">799</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Freight</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">938</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">682</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="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; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">613</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Materials</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">641</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">591</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Personnel</FONT></TD>
    <TD STYLE="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">553</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">688</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquisition of products</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">374</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">535</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fuel oil and gas</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">369</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">385</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Royalties </FONT></TD>
    <TD STYLE="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">289</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">232</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy</FONT></TD>
    <TD STYLE="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">169</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">167</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">Others</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">325</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">257</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; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,367</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>4,949</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&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="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>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 70%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">67</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">56</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="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="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></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">Depreciation and amortization</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-top: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="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">29</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white"><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>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>118</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>

<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-top: white 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: white 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>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>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">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">23</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">102</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">111</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; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; 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="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">31</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">85</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">55</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">Impairment and results on disposal of non-current assets, net</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">6</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">4</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: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; 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">22</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><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>256</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>223</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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_012"></A>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="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>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 60%; border-bottom: #DADADA 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</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"><B>Financial income</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&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: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short&#45;term investments</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</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">81</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">88</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">28</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">33</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>109</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>121</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"><B>Financial expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&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: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings interest</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(c)</FONT></TD>
    <TD STYLE="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">(166)</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">(175)</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 REFIS</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="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="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">(38)</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 lease liabilities</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="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">(14)</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">(15)</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 supplier liabilities</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(46)</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">(38)</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">(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">(54)</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>(339)</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>(320)</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"><B>Other financial items, net</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: 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: #DADADA 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(373)</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">(476)</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">Participative shareholders' debentures </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</FONT></TD>
    <TD STYLE="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">164</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">(47)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments, net</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">18(c)</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</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">192</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>(207)</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>(331)</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>(437)</B></FONT></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>(530)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="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_013"></A>7. 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="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">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;.</P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">From 2024, the Company is subject to OECD Pillar Two model
rules in the Netherlands, Switzerland, United Kingdom, Japan and Luxembourg. There was no material impact on these interim financial statements
due to this matter.</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">Income tax expense is recognized
based on the estimate of the weighted average effective tax rate expected for the full year, adjusted for the tax effect of certain items
that are recognized in full on the interim tax calculation. Therefore, the effective tax rate in the interim financial statements may
differ from management&rsquo;s estimate of the effective tax rate for the year. 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;</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="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>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <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: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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></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: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,135</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>2,296</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes at statutory rate (34%)</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"><B>(726)</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>(781)</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; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&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">Tax incentives</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">469</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">405</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">Equity results</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">(7)</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">(30)</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">Reduction of tax loss carryforward</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">(156)</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">(71)</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">Reclassification of cumulative adjustments to the income statement</FONT></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">(17)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; 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">Other </FONT></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">(11)</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">59</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; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(448)</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>(418)</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; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(734)</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">(218)</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 (i)</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">286</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">(200)</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; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(448)</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>(418)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9pt">(i)</FONT> <FONT STYLE="font-size: 8pt">Includes
US$11 related to deferred tax liabilities of PT Vale Indonesia Tbk (&quot;PTVI&quot;), which is classified as held for sale (note 15b).</FONT></P>

<P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; 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>

<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="white-space: nowrap; vertical-align: bottom; width: 15%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>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, 2023</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>9,565</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>870</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>8,695</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">Effect in income statement</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">245</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(52)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">297</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">136</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-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="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">119</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: 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="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">31</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: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(278)</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">(18)</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">(260)</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 March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,699</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>848</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,851</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</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">Effect in income statement</FONT></TD>
    <TD STYLE="white-space: nowrap; 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">(229)</FONT></TD>
    <TD STYLE="white-space: nowrap; 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">(29)</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">(200)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; 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">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; 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">(5)</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: 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">263</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">263</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 March 31, 2023</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>10,799</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>1,379</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>9,420</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

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

<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: 70%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: white 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>March 31, 2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: white 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></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">492</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">428</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">1,515</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">1,723</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>2,007</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>2,151</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>10.75%</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11.75%</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 associates 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">d) 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: 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 amount under discussion with the tax authorities is US$5,265
as of March 31, 2024 (December 31, 2023: US$5,408) which includes the reduction of tax losses in the amount of US$732 as of March 31,
2024 (December 31, 2023: US$754), if the tax authority does not accept the tax treatment adopted by the Company in relation to these matters.</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="border-bottom: #D9D9D9 1pt solid">&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: #007E7A"><B>March 31, 2024</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: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 46%; 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: 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>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: 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>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">2,158</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">2,897</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>5,055</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">2,144</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">3,010</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>5,154</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">1,490</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>1,490</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">1,511</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>1,511</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">505</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>505</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">512</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>512</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">598</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">189</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>787</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">606</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">190</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>796</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">164</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">520</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>684</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">167</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">536</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>703</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">350</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>350</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">468</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>468</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>5,265</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>3,606</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>8,871</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>5,408</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>3,736</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>9,144</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">181</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>181</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">183</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>183</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>181</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>181</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>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>-</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>183</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 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: 6pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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 0 0 21.3pt; text-align: justify; text-indent: -21.3pt; color: teal"><B>e) Recoverable
and taxes payables</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>March 31, 2024</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, 2023</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 46%; border-bottom: #D9D9D9 1pt solid">&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: #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="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: #007E7A"><B>Current assets</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: #007E7A"><B>Non-current assets</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: #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">194</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">22</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">232</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">25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">319</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">1,030</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">624</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">355</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">1,010</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">615</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">318</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">351</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">780</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">302</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">358</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">429</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">66</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">93</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">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">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">206</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">11</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</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">152</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>840</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>1,384</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>1,698</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>900</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>1,374</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>1,314</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) In December 2023, a judicial decision was issued in a 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, which was fully guaranteed by a judicial deposit. The aforementioned judicial decision
determined the conversion of part of the judicial deposit to the Government, which was concluded in April 2024 (subsequent event).</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; 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_014"></A>8. Basic and diluted earnings 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 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="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>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income attributable to Vale's shareholders</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>1,679</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>1,837</B></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></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></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">4,285,865</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">4,453,110</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">4,289,631</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">4,456,941</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: #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: 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></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; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.39</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">0.41</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><A NAME="a_015"></A><B>9. 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="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: teal"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</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: teal"><B>2024</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: teal"><B>2023</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></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>2,135</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>2,296</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></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">14</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">(124)</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">55</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 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">&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">6</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">4</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">Review of estimates 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">23</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">(6)</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">-</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">Review of estimates related to 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">25</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">(61)</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">-</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">714</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">656</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">437</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">530</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></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">10</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">1,935</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">1,686</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">11</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">(626)</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">(363)</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">12</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">378</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">(105)</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">(309)</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">(479)</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>4,479</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>4,280</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</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>



<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Vale Sans,sans-serif; color: teal; margin: 0; text-align: justify">b) Cash flow from investing activities</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="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: teal"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</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: teal"><B>2024</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: teal"><B>2023</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">Cash received from the sale of Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,082</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">15(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; 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">(1,149)</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>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: 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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(67)</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></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></TR>
  </TABLE>
<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 40%; border-bottom: 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: 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 on the international 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>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; color: black"><B>December 31, 2023</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>7,474</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>250</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>4,747</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>12,471</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: #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: #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; 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">870</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">870</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(40)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #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="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">(62)</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">Interest paid (i)</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">(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; color: black">(6)</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">(88)</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">(186)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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>Cash flow from financing activities</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; color: black"><B>(132)</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; color: black"><B>(18)</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; color: black"><B>772</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; color: black"><B>622</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">Effect of exchange rate</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">(9)</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">(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; 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">(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; color: black">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; color: black">85</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">6</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">80</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">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; color: black"><B>Non-cash changes</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>76</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>(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; color: black"><B>80</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>155</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>March 31, 2024</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>7,418</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>231</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>5,599</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>13,248</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>
  <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; color: black"><B>December 31, 2022</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; color: black"><B>6,497</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; color: black"><B>280</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; color: black"><B>4,404</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; color: black"><B>11,181</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; 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">-</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">300</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">300</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; color: black">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; color: black">(17)</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">(12)</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">(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; color: black">(39)</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">Interest paid (i)</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">(109)</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">(7)</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">(53)</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">(169)</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; color: black"><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; color: black"><B>(126)</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; color: black"><B>(19)</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; color: black"><B>237</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; color: black"><B>92</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; color: black">Effect of exchange rate</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">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; color: black">(7)</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</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15</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">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; color: black">107</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">8</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">61</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">176</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"><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; color: black"><B>114</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>15</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>62</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>191</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"><B>March 31, 2023</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>6,485</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; color: black"><B>276</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>4,703</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>11,464</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="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) Classified as operating
activities in the statement of cash flows.</FONT></P>

<P STYLE="color: navy; font: bold 9pt Vale Sans,sans-serif; margin: 0 0 0 35.45pt; 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">&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 2024, the Company contracted
a loan of US$360  with the Japan Bank of International Cooperation (&ldquo;JBIC&rdquo;) indexed to SOFR plus spread adjustments
and maturing in 2035.</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 2024, the Company contracted
a loan of US$60  with the Canadian Imperial Bank of Commerce (&ldquo;CIBC&rdquo;) indexed to SOFR plus spread adjustments and maturing
in 2024.</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 February 2024, the Company contracted
a loan of US$166  with Banco Santander indexed to SOFR plus spread adjustments and maturing in 2025. </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 February 2024, the Company contracted
a loan of US$34  with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in 2025.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 3.3pt; 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">From January to February 2024, the
                                                                                                                                        Company contracted a loan of US$250 with Banco Bradesco with a fixed rate maturing in 2025.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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 plus spread
adjustments and maturing in 2028.</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">&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 2024, the Company paid principal
and interest of debentures, in the amount of U$46.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">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; text-align: justify">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Vale Sans,sans-serif; color: teal; margin: 0; text-align: justify">d) Non-cash transactions</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="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: teal"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 15%; 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></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></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 with 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">5</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">5</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></TR>
  </TABLE>
<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; 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_016"></A>10. 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>

<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: 60%">&nbsp;</TD>
    <TD STYLE="width: 10%; 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: 15%; border-top: white 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>March 31, 2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: white 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></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 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">1,395</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">3,406</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">692</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">743</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">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">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">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">29(b)</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">182</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">89</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>2,277</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>4,241</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">(44)</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>2,233</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>4,197</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>Provisionally priced commodities
sales &ndash;</B></FONT> The Company is mainly exposed to 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 19). 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">&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>Three-month period ended March 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 40%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Thousand metric tons</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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>Provisional price (US$/ton)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 15%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Variation</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 15%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007A7E"><B>Effect on Revenue</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007A7E"><B>(US$ 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">12,852</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">102</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">+/- 131</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; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">54</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8,263</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; 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; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 45</FONT></TD></TR>
  </TABLE>
<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 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_017"></A>11. 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; width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: white 1pt solid; text-align: right">&nbsp;</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>March 31, 2024</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></TR>
  <TR>
    <TD STYLE="border-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 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">2,888</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">2,457</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">662</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">640</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>3,550</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>3,097</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">676</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">567</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">1,127</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">1,159</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">(158)</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">(139)</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>5,195</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>4,684</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) In the three-month period ended March 31, 2024, the
effect of provision for net realizable value was US$49 (2023: Reversal of provision in the amount of US$10).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-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/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_018"></A>12. Suppliers and contractors</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="width: 60%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; 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: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; 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: #007E7A"><B>March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; 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: #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">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">3,884</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">3,461</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">1,538</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">1,653</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">29(b)</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">124</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">158</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><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: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,546</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>5,272</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 supplier finance arrangements, which
do not substantially modify the original liabilities and remain presented as suppliers. The outstanding balance related to those transactions
was US$1,430 as of March 31, 2024 (December 31, 2023: US$1,438), of which US$248 (December 31, 2023: US$221) 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>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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"><B><A NAME="a_019"></A>13. 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>

<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: 44%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2024</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, 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>March 31, 2024</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, 2023</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">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">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">18(a)</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">420</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">271</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">287</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">544</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 </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">45</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>420</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>271</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>336</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>593</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">18(a)</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">20</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">36</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">64</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">95</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">29(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">261</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">290</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">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">13(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">745</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">591</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">2,979</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">3,278</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">Advances and other financial obligations (i)</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">682</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">759</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>1,708</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>1,676</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>3,043</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>3,373</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 0 10pt; text-align: justify">(i) Includes advances received from customers and other
financial obligations.</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) 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">&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="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: teal"><B>Consolidated</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: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: teal"><B>Discount rate</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 36%; border-bottom: silver 1pt solid">&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>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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>Revision to estimates </B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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>Monetary and present value adjustments</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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>Disbursements</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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>March 31, 2024</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>March 31, 2024</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>December 31, 2023</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>Remaining term of obligations</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">Payment obligation</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">1,130</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">(7)</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">(15)</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">1,108</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">11.04%</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: 8pt">11.04%</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">34 years</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">Infrastructure investment</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">2,739</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">(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">(51)</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">(41)</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">2,616</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">5.62% - 5.90%</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: 8pt">5.17% - 5.54%</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">8 years</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"><B>3,869</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>(31)</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>(58)</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"><B>(56)</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>3,724</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&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">Current liabilities</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">591</FONT></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; 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: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&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">Non-current liabilities</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">3,278</FONT></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; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,979</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&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: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,869</B></FONT></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; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,724</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; 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">The Company
is currently discussing with the Brazilian Ministry of Transport the general conditions for optimizing the investment plans of Estrada
de Ferro Caraj&aacute;s (&ldquo;EFC&rdquo;) and Estrada de Ferro Vit&oacute;ria a Minas (&ldquo;EFVM&rdquo;) concessions contracts, both
of which are currently being fulfilled by Vale in accordance with the contracts in place.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">The potential
change in the agreements is still uncertain as it is subject to conclusion of the negotiations and approval by the Company and relevant
authorities. Any changes to the existing obligation will be recorded after the conclusion of the negotiations and based on the final terms
agreed.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">Therefore, until
there is any change in the existing concession contracts, the Company will continue to comply with its obligations under the agreements,
which are reflected in the Company&rsquo;s liability recorded in these interim financial statements.</P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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 Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_020"></A>14. 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 37%; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 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>% ownership</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>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>Equity results in income statement</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>Dividends declared</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>Translation adjustment</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>Other</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>March 31, 2024</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; color: black"><B>Iron 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></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; color: black">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; color: black">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; color: black">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; color: black">1</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; color: black">(1)</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; color: black">(1)</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; color: black">(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; color: black">26</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; color: black">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; color: black">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; color: black">73</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; color: black">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; color: black">-</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; color: black">(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; color: black">-</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; color: black">77</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; color: black">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; color: black">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; color: black">49</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; color: black">4</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; color: black">-</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; color: black">(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; color: black">-</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; color: black">52</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; color: black">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; color: black">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; color: black">63</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; color: black">4</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; color: black">-</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; color: black">(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; color: black">-</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; color: black">64</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; color: black">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; color: black">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; color: black">150</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; color: black">9</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; color: black">-</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; color: black">(4)</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; color: black">-</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; color: black">155</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; color: black">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; color: black">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; color: black">640</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; color: black">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; color: black">-</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; color: black">(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; color: black">-</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; color: black">650</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; color: black">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; color: black">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; color: black">346</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; color: black">4</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; color: black">-</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; color: black">(12)</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; color: black">-</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; color: black">338</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Samarco Minera&ccedil;&atilde;o S.A. (note 24)</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; color: black">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; color: black">-</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; color: black">-</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; color: black">-</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; color: black">-</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; color: black">-</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; color: black">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; 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>1,349</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>58</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>(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; color: black"><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; color: black"><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; color: black"><B>1,362</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; color: black"><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></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; color: black">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; color: black">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; color: black">356</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; color: black">9</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; color: black">-</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; color: black">(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; color: black">19</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; color: black">373</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; color: black">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; color: black">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; color: black">106</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; color: black">(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; color: black">-</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; color: black">(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; color: black">-</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; color: black">100</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">61</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">1</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">(1)</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">(2)</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">(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; color: black">58</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; color: black"><B>523</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>7</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>(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; color: black"><B>(16)</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>18</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>531</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Equity results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,872</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>65</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>(2)</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>(59)</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>17</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>1,893</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-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: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">59</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #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: 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; 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; 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,872</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>124</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>(2)</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>(59)</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>17</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>1,893</B></FONT></TD></TR>
  </TABLE>
<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>15. Acquisitions and divestitures</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>&nbsp;</TD>
    <TD STYLE="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: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; border-bottom: white 1pt solid">&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>Reference</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 15%; 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></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">Companhia Sider&uacute;rgica do Pec&eacute;m</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">15(d)</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">-</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></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: #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: 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>37</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>a) Acquisition of Alian&ccedil;a
Gera&ccedil;&atilde;o de Energia S.A. (&ldquo;Alian&ccedil;a Gera&ccedil;&atilde;o&rdquo;) - </B></FONT>Alian&ccedil;a Gera&ccedil;&atilde;o
is a joint venture of Vale, which operates hydroelectric and wind power plants in Brazil, in which the Company holds a 55% interest. Alian&ccedil;a
Gera&ccedil;&atilde;o&rsquo;s power generation asset portfolio consists of seven hydroelectric power plants in the state of Minas Gerais
and three wind farms in operation in the states of Rio Grande do Norte and Cear&aacute;, Brazil.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In March 2024, the Company entered into an agreement with Cemig
Gera&ccedil;&atilde;o e Transmiss&atilde;o S.A. (&quot;Cemig GT&quot;) for the acquisition of the entire 45% interest held for Cemig GT
in Alian&ccedil;a Gera&ccedil;&atilde;o, for US$540 (R$2,700 million). The interest acquisition in Alian&ccedil;a Gera&ccedil;&atilde;o
will be the first step towards creating an energy platform and, after the acquisition is completed, Vale will seek potential partners
for this platform.</P>

<P STYLE="font: 10pt 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 closing, which is subject to approval by Cemig GT's
General Shareholders' Meeting and to usual precedent conditions, Vale will hold 100% of Alian&ccedil;a Gera&ccedil;&atilde;o&rsquo;s share
capital, obtaining control over the entity and consolidating its assets, liabilities and results 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"><FONT STYLE="color: #007E7A"><B>b) Divestment on 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">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Due to the divestment obligation in PTVI, the Company and
Sumitomo Metal Mining Co., Ltd. (&ldquo;SMM&rdquo;) signed a definitive agreement to sell a portion of the investment held in PTVI with
PT Mineral Industri Indonesia (&ldquo;MIND ID&rdquo;), which will become PTVI's largest shareholder. Once completed, the transaction
fulfils Indonesia&rsquo;s divestment obligations and satisfies a key condition for PTVI to extend its mining license.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Currently, Vale, SMM and MIND ID respectively hold 44.3%, 15.0%
and 20.0% of issued shares. Upon completion, Vale, SMM and MIND ID will hold approximately 33.9%, 11.5% and 34.0% respectively. Approximately
20.6% will continue to be held by the public on the Indonesia Stock Exchange.</P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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">Upon closing of the transaction, the Company will receive
US$160 and will lose control over PTVI. Therefore, Vale will account for the investment held in PTVI under the equity method due to
the significant influence it will retain over 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">As a result, the Company expects to record a gain related to
the effects of the deconsolidation of PTVI and remeasurement of the retained interest at the fair value. The conclusion of the transaction
is expected to occur 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">In addition, the assets and liabilities of PTVI are classified as held for sale since December 31, 2023, as it meets
the criteria of IFRS 5 &ndash; <I>Non-Current Assets Held for Sale and Discontinued Operation</I>. No impairment loss was recorded in
the income statement for the period ended March 31, 2024.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Balance sheet of PTVI classified as held for sale</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: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: white 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>March 31, 2024</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; 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: teal"><B>December 31, 2023</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"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&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">Cash and cash equivalents</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">735</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">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">Accounts receivable</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">18</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">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">Inventories</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">121</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">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">Taxes</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">98</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">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">Investments</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">13</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">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">Property, plant and equipment</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">2,803</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">2,792</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">Intangible</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">69</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="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="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">113</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">139</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,970</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>3,933</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"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">143</FONT></TD>
    <TD STYLE="border-bottom: #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="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">Deferred income taxes</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">226</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">213</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">Other 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">171</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">176</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>540</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>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"><B>Net assets held for sale</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>3,430</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>3,372</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">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>c) 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, the Company entered into an agreement with Anglo American plc
for the acquisition of 15% interest in Anglo American Brasil, the 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
million, 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 0 10pt; 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">The closing of the transaction is subject to the usual conditions
precedent. 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; 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) 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. In March 2023, the Company completed the sale of its
interest in CSP to ArcelorMittal. Under the terms of the agreement, Vale has received US$1,042 from the buyer and made a cash contribution
of US$1,189 to CSP upon closing, which was fully used to prepay the outstanding net debt of CSP as determined by the agreement. In addition,
the Company derecognized its financial liability related to the guarantee granted to CSP, leading to a gain of US$37 recognized as &ldquo;Equity
results and other results in associates and joint ventures&rdquo; for the three-month period ended March 31, 2023.</P>

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

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


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_022"></A>16. Intangibles</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; 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"><B>Balance as of December 31, 2023</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>3,263</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>7,689</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>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>575</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>11,631</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">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">-</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">37</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: 4.25pt; padding-left: 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">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">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">-</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">-</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">-</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">(5)</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">(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">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">-</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">(62)</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">(18)</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">-</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">(80)</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="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">(80)</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">(239)</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">(3)</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">(17)</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">(339)</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 March 31, 2024</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>3,183</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>7,425</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>97</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>553</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>11,258</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">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">3,183</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">9,150</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">632</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">553</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">13,518</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">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">-</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">(1,725)</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">(535)</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">-</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">(2,260)</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 March 31, 2024</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>3,183</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>7,425</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>97</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>553</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>11,258</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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></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, 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>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"><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"><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"><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"><B>10,238</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">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">50</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">5</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">55</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">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">-</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">(3)</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="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">(3)</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">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">-</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">(60)</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">(11)</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">(71)</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">39</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">174</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">2</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">14</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">229</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 March 31, 2023</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>3,228</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>6,595</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>83</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>542</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>10,448</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">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">3,228</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">8,060</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">570</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">542</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">12,400</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">Accumulated amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; 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">(1,465)</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">(487)</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,952)</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 March 31, 2023</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>3,228</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>6,595</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>83</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>542</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>10,448</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_023"></A>17. 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><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></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: 7pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Building
    and land</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: 7pt; color: teal"><B>Facilities</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: 7pt; 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: 7pt; 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: 7pt; color: teal"><B>Railway
    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: 7pt; color: teal"><B>Right
    of use assets</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: 7pt; color: teal"><B>Other</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: 7pt; color: teal"><B>Constructions
    in progress</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: 7pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 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; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>10,119</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: 7pt"><B>9,239</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: 7pt"><B>4,450</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: 7pt"><B>6,925</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: 7pt"><B>2,612</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: 7pt"><B>1,359</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: 7pt"><B>2,484</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: 7pt"><B>11,208</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: 7pt"><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: 7pt">Additions
    (i)</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: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-&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: 7pt">-</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: 7pt">-</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: 7pt">-</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: 7pt">-</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: 7pt">15</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: 7pt">-</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: 7pt">1,307</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: 7pt">1,322</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: 7pt">Disposals</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: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: 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: 7pt">(15)</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: 7pt">(1)</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: 7pt">-</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: 7pt">(2)</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: 7pt">-</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: 7pt">-</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: 7pt">(36)</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: 7pt">(57)</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: 7pt">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: 7pt">25(b)</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: 7pt">-&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: 7pt">-</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: 7pt">-</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: 7pt">(53)</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: 7pt">-</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: 7pt">-</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: 7pt">-</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: 7pt">-</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: 7pt">(53)</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: 7pt">Depreciation,
    depletion and amortization</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: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(113)</FONT></TD>
    <TD STYLE="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: 7pt">(143)</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: 7pt">(186)</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: 7pt">(127)</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: 7pt">(40)</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: 7pt">(47)</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: 7pt">(83)</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: 7pt">-</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: 7pt">(739)</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: 7pt">Translation
    adjustment</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: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(292)</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: 7pt">(274)</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: 7pt">(104)</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: 7pt">(185)</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: 7pt">(81)</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: 7pt">(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: 7pt">(63)</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: 7pt">(307)</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: 7pt">(1,317)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Transfers</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: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">167</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: 7pt">245</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: 7pt">145</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: 7pt">137</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: 7pt">32</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: 7pt">-</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: 7pt">62</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: 7pt">(788)</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: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Balance
    as of March 31, 2024</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: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>9,878</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: 7pt"><B>9,052</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: 7pt"><B>4,304</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: 7pt"><B>6,697</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: 7pt"><B>2,521</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: 7pt"><B>1,316</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: 7pt"><B>2,400</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: 7pt"><B>11,384</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: 7pt"><B>47,552</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: 7pt">Cost</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: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">17,069</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: 7pt">14,705</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: 7pt">10,272</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: 7pt">15,371</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: 7pt">4,342</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: 7pt">2,180</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: 7pt">5,297</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: 7pt">11,384</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: 7pt">80,620</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Accumulated
    depreciation</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: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(7,191)</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: 7pt">(5,653)</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: 7pt">(5,968)</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: 7pt">(8,674)</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: 7pt">(1,821)</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: 7pt">(864)</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: 7pt">(2,897)</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: 7pt">-&nbsp;&nbsp;</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: 7pt">(33,068)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Balance
    as of March 31, 2024</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: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>9,878</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: 7pt"><B>9,052</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: 7pt"><B>4,304</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: 7pt"><B>6,697</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: 7pt"><B>2,521</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: 7pt"><B>1,316</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: 7pt"><B>2,400</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: 7pt"><B>11,384</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: 7pt"><B>47,552</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-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>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; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>8,913</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: 7pt"><B>8,042</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: 7pt"><B>4,984</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: 7pt"><B>7,112</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: 7pt"><B>2,475</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: 7pt"><B>1,455</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: 7pt"><B>2,632</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: 7pt"><B>9,325</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: 7pt"><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: 7pt">Additions
    (i)</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: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-&nbsp;&nbsp;</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: 7pt">-</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: 7pt">-</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: 7pt">-</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: 7pt">-</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: 7pt">12</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: 7pt">-</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: 7pt">1,039</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: 7pt">1,051</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: 7pt">Disposals</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: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2)</FONT></TD>
    <TD STYLE="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: 7pt">(7)</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: 7pt">(5)</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: 7pt">-</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: 7pt">(5)</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: 7pt">-</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: 7pt">(1)</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: 7pt">(7)</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: 7pt">(27)</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: 7pt">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: 7pt">25(b)</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: 7pt">-&nbsp;&nbsp;</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: 7pt">-</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: 7pt">-</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: 7pt">(23)</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: 7pt">-</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: 7pt">-</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: 7pt">-</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: 7pt">-</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: 7pt">(23)</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: 7pt">Depreciation,
    depletion and amortization</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: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(109)</FONT></TD>
    <TD STYLE="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: 7pt">(122)</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: 7pt">(181)</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: 7pt">(131)</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: 7pt">(40)</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: 7pt">(45)</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: 7pt">(79)</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: 7pt">-</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: 7pt">(707)</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: 7pt">Translation
    adjustment</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: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">187</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: 7pt">189</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: 7pt">71</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: 7pt">71</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: 7pt">65</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: 7pt">10</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: 7pt">45</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: 7pt">161</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: 7pt">799</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Transfers</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">519</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">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: 7pt">220</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">31</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">29</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">36</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,117)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Balance
    as of March 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; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>9,508</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: 7pt"><B>8,384</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: 7pt"><B>5,089</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: 7pt"><B>7,060</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: 7pt"><B>2,524</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: 7pt"><B>1,432</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: 7pt"><B>2,633</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: 7pt"><B>9,401</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: 7pt"><B>46,031</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: 7pt">Cost</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: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">16,804</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: 7pt">13,404</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: 7pt">11,949</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: 7pt">15,705</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: 7pt">4,218</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: 7pt">2,147</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: 7pt">5,517</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: 7pt">9,401</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: 7pt">79,145</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Accumulated
    depreciation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(7,296)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(5,020)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(6,860)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(8,645)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,694)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(715)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,884)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(33,114)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Balance
    as of March 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; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>9,508</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: 7pt"><B>8,384</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: 7pt"><B>5,089</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: 7pt"><B>7,060</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: 7pt"><B>2,524</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: 7pt"><B>1,432</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: 7pt"><B>2,633</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: 7pt"><B>9,401</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: 7pt"><B>46,031</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(i) Includes capitalized interest,
    when applicable.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt">For more details regarding right of use and lease liability see note 22.</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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 Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt; color: #007E7A"><B><A NAME="a_024"></A>18. </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00807A">Financial
and capital risk management</FONT></B></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) 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>

<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="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>March 31, 2024</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, 2023</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 48%">&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>Assets</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>Liabilities</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>Assets</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>Liabilities</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>Foreign exchange and interest rate risk</B></FONT></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></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="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">91</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">32</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">109</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">30</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="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">44</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">41</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 transactions</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">566</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">650</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="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">SOFR swap</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: #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">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">28</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; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>665</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>76</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>763</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>99</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; 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="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: #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></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="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">42</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">52</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">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="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: white; padding-right: 4.25pt; padding-left: 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">8</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; 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: 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>5</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>52</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>30</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: #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">3</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">2</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; 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: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>707</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>84</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>815</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>131</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: #007E7A"><B>b) Net exposure</B></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="background-color: white">
    <TD STYLE="white-space: nowrap; width: 70%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 15%; 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"><B>Foreign exchange and interest rate risk</B></FONT></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: 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: #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: #D9D9D9 1pt solid; padding-right: 4.25pt; 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: #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: #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: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(41)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">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">650</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">SOFR swap</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">8</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">(24)</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: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>589</B></FONT></TD>
    <TD STYLE="border-bottom: silver 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"><B>Commodities price risk</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></TR>
  <TR>
    <TD STYLE="border-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: #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="border-bottom: #D9D9D9 1pt solid; 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">Energy Transition Metals</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">(5)</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">(8)</FONT></TD></TR>
  <TR>
    <TD STYLE="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>37</B></FONT></TD>
    <TD STYLE="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>22</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: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="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">(3)</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)</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: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 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>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>623</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>684</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="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effects
of derivatives on the income statement</P>

<P STYLE="color: teal; font: bold 10pt Calibri, Helvetica, 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;</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: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <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>Gain (loss) recognized in the income statement</B></FONT></TD></TR>
  <TR STYLE="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>Three-month period ended March 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>2024</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></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; color: black"><B>Foreign exchange and interest rate risk</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></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; color: black">CDI &amp; TJLP vs. US$ fixed and floating rate swap</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">(13)</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; color: black">44</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; color: black">IPCA swap</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">(5)</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; color: black">7</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; color: black">Dollar swap and forward operations</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">(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; color: black">162</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; color: black">SOFR swap </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">32</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; color: black">3</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(14)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: 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>216</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: #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: 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"><B>Commodities price risk</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></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; color: black">Gasoil, Brent and freight</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">17</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">(24)</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">Energy Transition Metals</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">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(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; 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>17</B></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"><B>(25)</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: #F3F3F3; 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; color: black">Other</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">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</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</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>2</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>192</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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>d) Effects of derivatives on the cash flows</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 COLSPAN="2" STYLE="border-bottom: #007A7E 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Financial settlement inflows (outflows)</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 70%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="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; color: black"><B>Foreign exchange and interest rate risk</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; 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; color: black">CDI &amp; TJLP vs. US$ fixed and floating rate swap</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; color: black">4</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; color: black">(4)</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">IPCA swap</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; color: black">-</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; color: black">1</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">Dollar swap and forward operations</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; color: black">37</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; color: black">20</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: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>41</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; color: black"><B>17</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; color: black"><B>Commodities price risk</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; 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; color: black">Gasoil, Brent and freight</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; color: black">5</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; color: black">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy Transition Metals</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">(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; color: black">5</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: #F3F3F3; padding-right: 5pt; padding-left: 2pt; 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: 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>7</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: #F3F3F3; 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; color: black"><B>Derivatives designated as cash flow hedge accounting</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; 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; color: black">Nickel</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; color: black">-</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; color: black">14</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: #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: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>14</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; color: black"><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; color: black"><B>43</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>38</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>e) 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; color: #00807A"><B>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/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="border-bottom: #007E7A 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></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: 7pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></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: 7pt; 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: 7pt; 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: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: #007E7A"><B>Value
    at Risk</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: #007E7A"><B>Fair
    value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 23%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Flow</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: 7pt; color: #007E7A"><B>March
    31, 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: 7pt; 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: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: #007E7A"><B>Index</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: #007E7A"><B>Average
    rate</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: 7pt; color: #007E7A"><B>March
    31, 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: 7pt; 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: 7pt; color: #007E7A"><B>March
    31, 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: 7pt; color: #007E7A"><B>March
    31, 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: 7pt; 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: 7pt; color: #007E7A"><B>2025</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: 7pt; color: #007E7A"><B>2026+</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: 7pt"><B>CDI
    vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt">89</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: 7pt">107</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: 7pt">4</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: 7pt">17</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: 7pt">13</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: 7pt">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: 7pt">53</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">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: 7pt">R$
    4,895</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: 7pt">R$
    5,162</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: 7pt">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: 7pt">100.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt">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: 7pt">US$
    1,134</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: 7pt">US$
    1,196</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: 7pt">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: 7pt">2.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt"><B>TJLP
    vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt">(30)</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: 7pt">(28)</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: 7pt">-</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: 7pt">2</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: 7pt">(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: 7pt">(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: 7pt">(21)</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: 7pt">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: 7pt">R$
    661</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: 7pt">R$
    694</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: 7pt">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: 7pt">105.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt">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: 7pt">US$
    164</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: 7pt">US$
    173</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: 7pt">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: 7pt">3.45%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt"><B>59</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: 7pt"><B>79</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: 7pt"><B>4</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: 7pt"><B>19</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: 7pt"><B>9</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: 7pt"><B>18</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: 7pt"><B>32</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt"><B>IPCA
     vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt">(44)</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: 7pt">(41)</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: 7pt">-</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: 7pt">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: 7pt">(6)</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: 7pt">(6)</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: 7pt">(32)</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: 7pt">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: 7pt">R$
    1,024</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: 7pt">R$
    1,078</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: 7pt">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: 7pt">4.54%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt">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: 7pt">US$
    253</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: 7pt">US$
    267</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: 7pt">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: 7pt">3.88%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt"><B>(44)</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: 7pt"><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: #F2F2F2; 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="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: 7pt"><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: 7pt"><B>(6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(32)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt"><B>R$
    fixed rate vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt">527</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: 7pt">600</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: 7pt">29</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: 7pt">33</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: 7pt">278</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: 7pt">247</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: 7pt">2</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: 7pt">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: 7pt">R$
    12,028</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: 7pt">R$
    12,660</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: 7pt">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: 7pt">7.41%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt">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: 7pt">US$
    2,314</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: 7pt">US$
    2,431</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: 7pt">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: 7pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt"><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: 7pt">R$
    1,019</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: 7pt">R$
    1,209</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: 7pt">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: 7pt">5.29</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: 7pt">39</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: 7pt">50</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: 7pt">7</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: 7pt">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: 7pt">29</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: 7pt">8</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: 7pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</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: 7pt"><B>566</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: 7pt"><B>650</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: 7pt"><B>36</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: 7pt"><B>35</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: 7pt"><B>307</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: 7pt"><B>255</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: 7pt"><B>4</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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>

<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="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">89</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">(190)</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">(470)</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">89</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">57</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">22</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">89</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">63</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; 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">(30)</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">(70)</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">(30)</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">(39)</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">(30)</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">(36)</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></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">(30)</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">(38)</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">(44)</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">(167)</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">(44)</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">(58)</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">(44)</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">(53)</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">(62)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; 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">(44)</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">(48)</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">(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 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">527</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">(17)</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">(562)</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">527</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">495</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">462</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">527</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">467</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">410</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">39</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">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">(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">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">39</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">39</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">39</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">39</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">39</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">39</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; 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>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>

<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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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="3" 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>&nbsp;Fair
    value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 23%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</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>March
    31, 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>December
    31, 2023</B></FONT></TD>
    <TD STYLE="width: 7%; 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: 7%; 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: 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>March
    31, 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>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>March
    31, 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>March
    31, 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>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>
    <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>2026+</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>SOFR
    vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&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; color: black">&nbsp;8
    </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; color: black">&nbsp;(24)</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; color: black">&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; color: black">&nbsp;5
    </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; color: black">&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; color: black">&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; color: black">&nbsp;(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; color: black">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; color: black">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; color: black">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: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">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; color: black">0.08%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</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; color: black">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; color: black">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; color: black">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: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">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; color: black">3.60%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<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: 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; 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: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #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">(42)</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">(94)</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">42</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">94</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: #00807A"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>f) Protection program for product prices
and input costs</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair
    value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 38%; 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>March
    31, 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>December
    31, 2023</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>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: 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>March
    31, 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>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>March
    31, 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>March
    31, 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>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="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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">18,764,250</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">19,907,250</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">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">45</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">15</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">32</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></TR>
  <TR>
    <TD STYLE="border-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">18,764,250</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">19,907,250</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">59</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">(1)</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">(22)</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: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #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="background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</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>Forward
    Freight Agreement (days)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">880</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">1,210</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">15,252</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: 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: #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: 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">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">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</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>42</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>30</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>5</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>16</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>42</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>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0">&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">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">(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">(307)</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">28</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">307</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">11</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>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: 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">(5)</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">1</FONT></TD></TR>
  </TABLE>
<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>g</B></FONT><B><FONT STYLE="color: #007E7A">)
Other derivatives, including embedded derivatives in contracts</FONT></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="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</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>Notional</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</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>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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair
    value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 38%; 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>March
    31, 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>December
    31, 2023</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>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$/ton)</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>March
    31, 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>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>March
    31, 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>March
    31, 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>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="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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</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">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">3,516</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">3,322</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">13,271</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">(5)</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">(8)</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">2</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">(4)</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">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 8pt"><B>Hedge program for products acquisition </B></FONT></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 8pt"><B>for resale (ton)</B></FONT></P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</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>(5)</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>(8)</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>(3)</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="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>(4)</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></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 8pt"><B>Embedded derivative (pellet price) in </B></FONT></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 8pt"><B>natural gas purchase (volume/month)</B></FONT></P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</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">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">(3)</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">(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="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: 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">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</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>(3)</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>(2)</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="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>(3)</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></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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>

<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: 42%; 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: 22%; 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: 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: teal"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; 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: 12%; 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">(5)</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">(20)</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></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">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34</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">(3)</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">(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">(16)</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 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>h) Hedge accounting</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="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>Gain (loss) recognized in the other comprehensive income</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <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>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 70%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-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: #F3F3F3; 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="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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 (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">-</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></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The nickel revenue hedge program contracted for the year
2023 ended on December 31, 2023. Revenue hedge programs are implemented by the Company in line with its business strategy. In 2024, no
new programs have been contracted.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.75pt"></TD><TD STYLE="width: 11.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>i)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Financial counterparties&rsquo; ratings</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 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>March 31, 2024</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, 2023</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: 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>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 15%; 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: 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>Cash and cash equivalents and investment</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>Derivatives</B></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">224</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; 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; 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">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">-</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; 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; 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">1,658</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">43</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #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>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; 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="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">-</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">262</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #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="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; 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="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">692</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">14</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; 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; 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="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">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">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #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="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">19</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; 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; 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">476</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-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">85</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <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">658</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">270</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; 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; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">314</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">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">106</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">118</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">373</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">136</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>3,834</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>707</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,660</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>815</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: 8pt/115% Vale Sans,sans-serif; margin: 0 0 10pt">(i) A substantial part of the balances is held with financial institutions
in Brazil which are deemed investment grade in local currency. <FONT STYLE="color: #007E7A"><B><BR STYLE="clear: both">
</B></FONT></P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_025"></A>19. Financial assets and liabilities</B></P>

<P STYLE="color: #007E7A; font: 11pt 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; 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>

<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; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March
    31, 2024</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: 37%; border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">3,790</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">3,790</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,609</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,609</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Short-term
    investments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">44</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">44</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative
    financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">420</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">420</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">271</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">271</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accounts
    receivable </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">454</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">1,779</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">2,233</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">362</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,835</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,197</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Judicial
    deposits</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">672</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">672</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">611</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">611</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>4,916</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>2,243</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>7,159</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,582</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,157</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>8,739</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Judicial
    deposits</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">669</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">669</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">798</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">798</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Restricted
    cash</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative
    financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">287</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">287</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">544</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">544</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Investments
    in equity securities</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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">45</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">45</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">45</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: 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></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>673</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>45</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>287</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>1,005</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>802</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>45</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>544</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>1,391</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total
    of financial assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>5,589</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>45</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>2,530</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>8,164</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,384</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>45</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,701</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>10,130</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Financial
    liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Suppliers
    and contractors</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">5,546</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">5,546</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,272</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,272</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative
    financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">36</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">36</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans
    and borrowings </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">1,286</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">1,286</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">824</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">824</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Leases</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">192</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">192</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">197</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">197</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Liabilities
    related to the concession grant </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">745</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">745</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">591</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">591</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other
    financial liabilities - Related parties </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">290</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">290</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Advances and other financial obligations</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">682</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">682</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">759</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">759</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>8,712</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>8,732</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,933</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>36</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,969</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative
    financial instruments </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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">64</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">64</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">95</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">95</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans
    and borrowings </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">11,962</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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">11,962</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11,647</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11,647</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Leases</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">1,234</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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">1,234</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,255</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,255</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Participative
    shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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">2,621</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">2,621</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,874</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,874</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Liabilities
    related to the concession grant </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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">2,979</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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">2,979</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,278</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-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; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,278</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>16,175</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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>2,685</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>18,860</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>16,180</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,969</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>19,149</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total
    of financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>24,887</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; 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>2,705</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>27,592</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>24,113</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,005</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; 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>27,118</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&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: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="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>March 31, 2024</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, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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: rgb(0,126,122) 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: rgb(0,126,122) 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="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</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 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">21</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">44</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>44</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: 8pt">51</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: 8pt">-</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: 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>51</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">18</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">707</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>707</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: 8pt">-</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: 8pt">815</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: 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>815</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">10</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">1,779</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>1,779</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: 8pt">-</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: 8pt">3,835</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: 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>3,835</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">13</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; padding-right: 4.25pt; 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; 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; padding-right: 4.25pt; 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>45</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>44</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>2,531</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>2,575</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>51</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>4,695</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>
    <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>4,746</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">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&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">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid">&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">18</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">84</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>84</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: 8pt">-</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: 8pt">131</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: 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>131</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">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">2,621</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>2,621</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: 8pt">-</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: 8pt">2,874</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: 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>2,874</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>2,705</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>2,705</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>
    <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>3,005</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>
    <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>3,005</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">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="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="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>March 31, 2024</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, 2023</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: 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>Carrying amount</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 15%; 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: 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>Carrying amount</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>Fair value</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="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; color: black">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; color: black">7,275</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; color: black">7,266</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">7,253</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; color: black">7,404</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; color: black">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; color: black">143</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; color: black">143</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; color: black">221</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; color: black">213</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in Brazil in:</B></FONT></TD>
    <TD STYLE="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; color: black">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">231</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">231</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">250</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">250</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Basket of currencies and bonds in US$ 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; color: black">150</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; color: black">162</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; color: black">153</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; color: black">168</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="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; color: black">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; color: black">5,370</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; color: black">5,760</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; color: black">4,504</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; color: black">4,950</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">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; color: black">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; color: black">8</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; color: black">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; color: black">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; color: black">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; color: black">70</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; color: black">72</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; color: black">81</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; color: black">85</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</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; color: black"><B>13,248</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; color: black"><B>13,642</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; color: black"><B>12,471</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; color: black"><B>13,079</B></FONT></TD></TR>
  </TABLE>
<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_026"></A>20. 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: 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-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended March 31,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&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>2024</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,126,122) 1pt 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="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>Liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 28%; 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 price (R$)</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial income</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average price (R$)</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>Financial expense</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>March 31, 2024</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></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: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33.70</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">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">37.22</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">(47)</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">2,621</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">2,874</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">On April 1<SUP>st</SUP>, 2024 (subsequent event), the Company
made available for withdrawal as remuneration the amount of US$153 for the second semester of 2023 (2023: US$125 for the second semester
of 2022).</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; text-align: justify; color: #007E7A"><B><A NAME="a_035"></A>21. 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: 60%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%">&nbsp;</TD>
    <TD STYLE="width: 15%; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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>Notes</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>March 31, 2024</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></TR>
  <TR>
    <TD STYLE="border-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="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">13,248</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">12,471</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</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">22(b)</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">1,426</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">1,452</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>14,674</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>13,923</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: 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">(-) Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,790</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">3,609</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">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">51</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 of PTVI </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(b)</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">735</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">703</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>10,105</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>9,560</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>

<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%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,777</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">953</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,883</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; color: black">2,516</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: #F3F3F3; 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: 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">140</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>3,790</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>3,609</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #007E7A; font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Loans and borrowings</FONT></TD></TR></TABLE>

<P STYLE="color: #007E7A; font: bold 10pt 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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Outstanding balance of loans and borrowings
by type and currency</FONT></TD></TR></TABLE>

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

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&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="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>March 31, 2024</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, 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>March 31, 2024</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></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"><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; color: black">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; color: black">6.03%</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; color: black">-</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; color: black">-</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; color: black">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; color: black">7,157</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; color: black">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; color: black">8.50%</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; color: black">38</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; color: black">96</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; color: black">103</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; color: black">119</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"><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; color: black">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10.18%</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">47</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">49</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">182</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">200</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Basket of currencies and bonds in US$ 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; color: black">6.86%</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; color: black">-</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; color: black">-</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; color: black">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; color: black">150</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"><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; color: black">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; color: black">5.73%</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; color: black">1,010</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; color: black">500</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; color: black">4,305</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">3,945</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">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; color: black">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; color: black">-</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; color: black">-</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; color: black">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; color: black">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; color: black">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; color: black">4.41%</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; color: black">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; color: black">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; color: black">56</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; color: black">67</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Accrued charges</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">179</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">167</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">-</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">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,286</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>824</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>11,962</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>11,647</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">(i) In order to determine the average interest rate for debt contracts with floating
rates, the Company used the rate applicable as of March 31, 2024.</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="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"><BR>
The reconciliation of loans and financing with cash flows arising from financing activities is presented in note 9(C).</FONT></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">ii) Future flows of principal and interest
of loans and borrowings payments</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: 70%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Principal</B></FONT></TD>
    <TD STYLE="width: 15%; 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">623</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">600</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">899</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">802</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">568</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">748</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">1,697</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">650</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">3,332</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">1,612</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">5,950</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">2,239</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>13,069</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>6,651</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 March 31, 2024 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"><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 leverage ratio and interest coverage. The Company did not identify any instances of noncompliance as of March 31, 2024.</P>

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


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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 Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_027"></A>22. Leases</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, 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) Right of use</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: 40%; 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, 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>Additions and contract modifications</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>Depreciation</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>Translation adjustment</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>March 31, 2024</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">628</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">(14)</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">(2)</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">612</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">415</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">(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">-</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">403</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">193</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">(13)</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">174</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">80</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: 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">-</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">89</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">34</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">(1)</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">(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">32</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 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">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: 1.45pt; 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: #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">(2)</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">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="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>1,359</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>15</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>(47)</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>(11)</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>1,316</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 34%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Additions and contract modifications </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Payments (i)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Interest</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Ports</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">682</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; color: black">-</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; color: black">(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; color: black">6</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; color: black">(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; color: black">669</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Vessels</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">397</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; color: black">-</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; color: black">(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; color: black">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; color: black">-</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; color: black">384</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Pelletizing plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">207</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; color: black">-</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; color: black">(2)</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; color: black">2</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; color: black">(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; color: black">201</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Properties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">102</FONT></TD>
    <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; color: black">15</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; color: black">(5)</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; color: black">1</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; color: black">(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; color: black">109</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">49</FONT></TD>
    <TD STYLE="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; color: black">-</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; color: black">(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; color: black">1</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; color: black">(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; color: black">48</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Mining equipment </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; color: black">15</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; color: black">-</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; color: black">-</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; color: black">-</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; color: black">-</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; color: black">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; color: black"><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; color: black"><B>1,452</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; color: black"><B>15</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; color: black"><B>(41)</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; color: black"><B>14</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; color: black"><B>(14)</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; color: black"><B>1,426</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">197</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; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">192</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,255</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; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,234</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,452</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; 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>1,426</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="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$56 recorded in the income statement for the three-month period ended March 31, 2024, (2023:
US$37).</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>

<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; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">52</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">69</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">737</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>956</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 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; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">292</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>503</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2 to 10</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3% to 4%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pelletizing plants</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">111</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>250</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 10</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2% to 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; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>125</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 10</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2% to 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; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>72</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 7</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5% to 6%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Mining equipment</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 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">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>191</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>209</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>152</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>133</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1.239</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1.924</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt 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: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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_028"></A>23. 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, 2023</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>March 31, 2024</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>Integral Reparation Agreement</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">562</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">(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">11</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">(18)</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">552</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">592</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">(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; color: black">23</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">(36)</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">(18)</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">555</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">843</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">(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; color: black">9</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">(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; color: black">(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; color: black">778</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>1,997</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>(33)</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>43</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>(60)</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>(62)</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>1,885</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">684</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">(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; color: black">14</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">(31)</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">(21)</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">640</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">83</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: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="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">(33)</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">(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; color: black">52</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">296</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">33</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">8</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">(11)</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">(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">317</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>1,063</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>27</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>26</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>(75)</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>(32)</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>1,009</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>3,060</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>(6)</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>69</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>(135)</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>(94)</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>2,894</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">The cash flow for obligations are estimated for an average period
ranging from 5 to 7 years and were discounted to the present value at an annual rate in nominal terms, which increased from 8.36% on December
31, 2023, to 8.73% on March 31, 2024.</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">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$110 for the three-month period ended March 31, 2024 (2023: US$111).</P>

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

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.25pt solid"><B>Judicial
Settlement for Integral Reparation</B></P>

<DIV STYLE="border-bottom: #A6A6A6 0.25pt solid; padding-bottom: 1pt">

<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">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 6 years.</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; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: white">For the obligations of (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 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>

</DIV>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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 0 10pt; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #A6A6A6 0.25pt solid"><B>Other
obligations</B></P>

<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.</P>

<P STYLE="font: 10pt 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">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>a) Contingent liabilities</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-right: white 0.25pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.25pt solid"><B>Public
civil actions brought by the State of Minas Gerais and state public prosecutors for damages resulting from the failure of Dam I</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is party to public civil actions brought by the
State of Minas Gerais and justice institutions, claiming compensation for socioeconomic and socio-environmental damages resulting from
the dam failure and seeking a broad range of 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/115% Vale Sans,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.25pt 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$17 (R$86 million), which is the
minimum amount established by law, i.e., the CGU recognizes the non-involvement or tolerance of the Company&rsquo;s top management.</P>

<P STYLE="font: 10pt 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$17 (R$86 million) during the year ended December 31, 2023. Vale disagrees
with the decision and is adopting the appropriate legal measures.</P>

<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: #BFBFBF 0.25pt 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 0 10pt; 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.
In May 2020, the Court issued a decision that denied the Motion to Dismiss presented by the Company. The Discovery phase was concluded
in November 2023. Upon the filing of a pre-motion letter for the Motion for Summary Judgment presented in January 2024 by the parties,
the Court should decide whether the Parties may file their motion for summary judgment. In parallel, a Court hearing will be held, 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 0 10pt; 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. A decision from the Court
is pending on the Motion to Dismiss presented by the Company.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The likelihood of loss of these proceedings is considered
possible. However, considering the current phase of these lawsuits, 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>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.25pt solid"><B>Criminal
proceedings and investigations</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 0 10pt; text-align: justify">In November 2021, the Brazilian Federal Police concluded
the investigation on potential criminal responsibility related with the Brumadinho dam failure and the final report sent to the Federal
Public Prosecutors (&ldquo;MPF&rdquo;).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; 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: #BFBFBF 0.25pt 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 on 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/115% Vale Sans,sans-serif; margin: 0 0 10pt; 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: #BFBFBF 0.25pt 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 0 10pt; 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 0 10pt; text-align: justify">CVM is also conducting investigations relating to Vale's
disclosure of relevant information to shareholders, investors and the market in general, especially regarding the conditions and management
of Vale's dams. The likelihood of loss of this proceeding is classified as possible and it is not yet possible to reliably estimate the
amount of a potential loss to the Company.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.25pt 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 0 10pt; 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 0 10pt; 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 0 10pt; 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 0 10pt; 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$360 (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$781 (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/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.25pt 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$105 as of March 31, 2024 (2023: US$94) <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">and
the likelihood of a potential loss to the Company is classified as possible. </FONT></P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify"></P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>d) 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 insurance companies the payment
of indemnification under its civil liability and Directors and Officers Liability Insurance. In three-month period ended March 31, 2024,
the Company received US$2 from insurers which was recorded in income statement as &ldquo;other operating expenses, net&rdquo; (note 5c).
The Company did not receive any insurance in the three-month period ended March 31, 2023.</P>

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007A7E"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_029"></A>24. 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></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; color: #007E7A"><B>&nbsp;</B></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: 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>

<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">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>a) </B></FONT><B><FONT STYLE="color: #007E7A; background-color: white">Provision
related to the Samarco dam failure</FONT></B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The changes on the provision are presented below:</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: 85%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: 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"><B>Balance on December 31, 2023</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>&nbsp;4,427 </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">Revision to estimates</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">(58)</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">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">44</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">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">(86)</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 adjustments</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">(137)</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 on March 31, 2024</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"><B>&nbsp;4,190 </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">The cash outflows to meet the obligations are discounted to
present value at an annual rate in real terms, which increased from 5.22% on December 31, 2023, to 5.75% on March 31, 2024.</P>

<P STYLE="font: 10pt 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"><FONT STYLE="background-color: white"><B>b)</B></FONT><B>
Contingent liabilities</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #A6A6A6 0.25pt solid"><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 to recover socioenvironmental and socioeconomic damages and a number of specific
remediation measures as a result of 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>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<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 the 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.</P>

<P STYLE="font: 10pt 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 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, 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">&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. The first phase of the trial is expected to begin in October
2024. It is not yet possible to reliably estimate the amount of a potential loss to Vale.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #A6A6A6 0.5pt solid; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Netherlands
proceeding</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 March 2024, a court in Amsterdam granted a preliminary injunction freezing the shares
in Vale Holdings B.V., a wholly owned subsidiary incorporated in the Netherlands, and the economic rights attached to those shares, in
guarantee of an amount of approximately US$993 (EUR920 million). The freezing orders were issued in anticipation of a legal action to
be brought against Vale by certain Brazilian municipalities and an organization that represents individuals and small businesses that
claim to have been affected by the collapse of Samarco&rsquo;s Fund&atilde;o dam in 2015. The first court event is expected to take place
in the first quarter of 2025. The Company is adopting the appropriate legal measures and believes its provisions are sufficient to comply
with its obligations.</P>

<P STYLE="font: 11pt Calibri, Helvetica, 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: #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 court has dismissed part of the criminal
charges but accepted charges of environmental crimes against Vale and one of its employees relating to an alleged omission in the provision
of relevant information of environmental interest for public authorities. The Company cannot estimate when a final decision on the case
will be issued. The likelihood of a financial loss to the Company is classified as possible and it is not yet possible to reliably estimate
the amount of a potential loss to Vale.</P>








<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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; 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. 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/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 0.25pt 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. The potential
loss was US$7 as of March 31, 2024 (2023: US$11) and the likelihood of a potential loss to the Company is classified as possible.</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_030"></A>25. 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 in Brazil 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="font: 11pt Times New Roman, Times, 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 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 23) and, in
compliance with laws and regulations, the Company has decided to speed up the plan to &ldquo;de-characterize&rdquo; of all its dams and
dikes, located in Brazil. The Company also operates tailings dams in Canada, including upstream compacted dams. However, the Company decided
that these dams will be decommissioned using other methods, thus, the provision to carry out the decommissioning of dams in Canada is
recognized as &ldquo;Obligations for decommissioning assets and environmental obligations&rdquo;, as presented in item (b) below.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">These structures are in different stages of maturity, some
of them still in the conceptual engineering phase, for which the estimate of expenditures includes in its methodology a high degree of
uncertainty in the definition of the total cost of the project in accordance with best market practices.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Changes in the provisions are as follows:</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: 85%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</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, 2023</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>3,451</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</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">(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">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">(119)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">46</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: 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="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 March 31, 2024</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>3,211</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">The cash flow for de-characterization projects are estimated
for a period up to 15 years and were discounted to present value at an annual rate in real terms, which increased from 5.41% to 5.86%.</P>

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

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">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">The Company has suspended
some operations due to judicial decisions or technical analysis performed by Vale on its geotechnical 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$43 for the three-month period ended March 31, 2024 (2023: US$74). The Company is working on legal and technical measures to resume
all operations.</FONT></P>



<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&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: teal"><B>Liability</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Discount rate</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cash flow maturity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2024</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, 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>March 31, 2024</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>March 31, 2024</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></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="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>
    <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; 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="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">2,263</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">2,415</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">5.86%</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">5.47%</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: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2132</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="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">1,568</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">1,592</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">1.39%</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">1.30%</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; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2150</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="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; 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: 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">3.10%</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">3.19%</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; 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: 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="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">106</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">114</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">2.24%</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">2.04%</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: 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="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>4,095</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>4,279</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; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; 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="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; 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: 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="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">940</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">1,124</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="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>4,095</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>4,279</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">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 55%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; 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>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="width: 15%; 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="width: 15%; 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
    as of December 31, 2023</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>3,779</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>500</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>4,279</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">(38)</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">(18)</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">(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; color: black">Revision to estimates and new provisions</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">(76)</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">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; color: black">(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; 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">31</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">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; color: black">37</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(95)</FONT></TD>
    <TD STYLE="border-bottom: #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; color: black">(16)</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">(111)</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
    as of March 31, 2024</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>3,601</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>494</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>4,095</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

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

<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">The Company has issued letters of credit and surety
bonds for US$855 as of March 31, 2024 (December 31, 2023: US$910), in connection with the asset retirement obligations for its Energy
Transition Metals operations.</P>

<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_031"></A>26. 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="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">The lawsuits related to Brumadinho
event (note 23) and the Samarco dam failure (note 24) are presented in 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"><FONT STYLE="font-weight: normal"></FONT></P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision
for legal proceedings</P>

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

<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: 40%; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>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; color: black"><B>Balance as of December 31, 2023</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>90</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>380</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>514</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>15</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>999</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions and reversals, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="white-space: nowrap; 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">12</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">33</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</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">50</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #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: #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">(25)</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">(22)</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">-</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">(47)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Indexation and interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #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">(1)</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</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">32</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: #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; 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">(12)</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">(16)</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">(1)</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">(32)</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 as of March 31, 2024</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>98</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>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; color: black"><B>508</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>16</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>1,002</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; 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; 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 STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance 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>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; color: black"><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; color: black"><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; color: black"><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; color: black"><B>1,292</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">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; color: black">2</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">(1)</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">27</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</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">31</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">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; 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">(9)</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">(18)</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">(27)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Indexation and interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</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">9</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">6</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</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">25</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">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; color: black">15</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">7</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">13</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">35</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance
    as of March 31, 2023</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>602</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>297</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>439</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>18</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>1,356</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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"><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 Company is party to several administrative and legal proceedings
related mainly to the incidence of Brazilian federal contributions (&quot;PIS&quot; and &quot;COFINS&quot;), Value-added tax (&quot;ICMS&quot;)
and other taxes. The liabilities related to the lawsuit filed in 2011 by Valepar 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 was transferred to taxes payables on
December 31, 2023, as a result of the court decision that determined the conversion of part of the judicial deposit to the Government,
which was concluded in April 2024 (subsequent event) (note 7e). </FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Civil litigations
-</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Refers to lawsuits for: (i) indemnities for losses, payments and contractual
fines due to contractual imbalance or non-compliance that are alleged by suppliers, and (ii) land claims referring to real estate Vale's
operational activities. </FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Labor litigations
-</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Refers to lawsuits for individual claims by in-house employees and service
providers, primarily involving demands for additional compensation for overtime work, moral damages or health and safety conditions. </FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Environmental
litigations -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Refers mainly to proceedings for environmental damages and issues
related to environmental licensing.</FONT></P>

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

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

<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 STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>March 31, 2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2023</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">6,774</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">7,235</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Civil litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,483</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">1,366</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">339</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">378</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">1,375</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">1,320</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>9,971</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>10,299</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 relevant developments since the financial statements for
the year ended December 31, 2023 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; background-color: #F2F2F2; color: teal; border-bottom: #BFBFBF 0.5pt solid"><B>Tax
litigations - Brazilian federal contributions (&quot;Pis&rdquo; and &quot;Cofins&quot;)</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">In 2013, the Company received a tax assessment from
the Brazilian Federal Revenue Office (&ldquo;RFB&rdquo;) charging a fine in the amount of US$400 (R$2 billion), for alleged omissions
and inaccuracies in the ancillary obligations relating to Pis and Cofins from 2008 to 2010. The Company has been assessing the likelihood
of loss in this lawsuit as possible.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">On
February 26, 2024, the Superior Council of Tax Appeals (&ldquo;CSRF&rdquo;) issued a decision </FONT>favorable to <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Vale,
clarifying the procedure for measuring this fine which reduced substantially the amount. As a result, the likelihood of loss was reassessed
and was substantially classified as remote for the three-month period ended March 31, 2024.</FONT></P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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; color: #007E7A"><B>c) Judicial deposits</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="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>March 31, 2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>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">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">1,105</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">1,127</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">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">88</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">122</FONT></TD></TR>
  <TR>
    <TD STYLE="border-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">137</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">148</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">11</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">12</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>1,341</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>1,409</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition to the above-mentioned tax, civil, labor and environmental
judicial deposits, the Company contracted US$2.8 billion (December 31, 2023: US$2.7 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>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_032"></A>27. 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="width: 42%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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>March 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; white-space: nowrap; 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, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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>March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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>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">Payroll, related charges and other remunerations</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: 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; 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; 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 payments</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">27(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">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">27</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; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27(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">73</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">70</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">1,288</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">1,381</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>602</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>964</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>1,288</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>1,381</B></FONT></TD></TR>
  </TABLE>
<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 0 10pt; text-align: justify; color: #00807A"><B>a) 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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">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. The information by valid programs during the
three-month period ended March 31, 2024 is shown below:</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: 55%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023 Program</B></FONT></TD>
    <TD STYLE="width: 15%; 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>2022 Program</B></FONT></TD>
    <TD STYLE="width: 15%; 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>2021 Program</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">1,330,503</FONT></TD>
    <TD STYLE="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">1,437,588</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">1,046,255</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">Share price</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">15.94</FONT></TD>
    <TD STYLE="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">20.03</FONT></TD>
    <TD STYLE="vertical-align: top; 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">20.12</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 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 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 by valid program during the three-month
period ended March 31, 2024, as well as the result used to calculate the expected value of the total performance factor.</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: 55%; border-bottom: #D9D9D9 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>2023 Program</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>2022 Program</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; 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>2021 Program</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>
    <TD STYLE="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">1,474,723</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Date shares were granted</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; 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>
    <TD STYLE="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">January 3, 2021</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">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>
    <TD STYLE="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">20.12</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected volatility</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; 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>
    <TD STYLE="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">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>
    <TD STYLE="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">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>
    <TD STYLE="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">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>
    <TD STYLE="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">60.96%</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b) 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 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>Reconciliation
of assets and liabilities recognized in the statement of financial position</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="6" STYLE="border-bottom: white 1pt solid; text-align: right">&nbsp;</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>March 31, 2024</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%">&nbsp;</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>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 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>Other benefits</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>Overfunded pension plans </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>Underfunded pension plans</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>Other benefits</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>Movements of assets ceiling</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; 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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at beginning of the period</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 STYLE="border-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">20</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">103</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></TR>
  <TR>
    <TD STYLE="border-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">(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: white; 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: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: 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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(29)</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">73</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: 4.25pt; 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">-</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">(27)</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">27</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 period</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>1,058</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>1,071</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">(4,670)</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">(585)</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">(1,115)</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">(4,517)</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">(1,118)</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">(1,148)</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">5,790</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">339</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">5,656</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">815</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">(1,058)</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">(1,071)</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>62</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>(246)</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>(1,115)</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>68</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>(303)</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>(1,148)</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">(64)</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">(9)</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">(61)</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) (i)</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">62</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">(237)</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">(1,051)</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">68</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">(294)</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">(1,087)</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>62</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>(246)</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>(1,115)</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>68</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>(303)</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>(1,148)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Overfunded pension plans assets are recorded as &ldquo;Other
non-current assets&rdquo; in the balance sheet.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_033"></A>28. Equity</B></P>

<P STYLE="color: #00807A; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</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 March 31, 2024, 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>

<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: teal"><B>March 31, 2024</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; border-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="width: 15%; 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: teal"><B>Common shares</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 15%; 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: rgb(0,126,122) 1pt solid; width: 15%; 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>
    </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">Previ (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">396,504,756</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">396,504,756</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">Mitsui&amp;co (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">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">-</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">286,347,055</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">Blackrock, Inc (ii)</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">289,063,618</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">-</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">289,063,618</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>Total shareholders with more than 5% of capital</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"><B>971,915,429</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"><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"><B>971,915,429</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">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">3,308,415,741</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">3,308,415,741</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">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">-</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">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">12</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 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"><B>4,280,331,170</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>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"><B>4,280,331,182</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">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">258,676,398</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">-</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">258,676,398</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 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"><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"><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"><B>4,539,007,580</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Number of shares owned by shareholders, as per statement
provided by the custodian, based on shares listed at B3.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) Number of shares as reported in BlackRock, Inc.&rsquo;s
Schedule 13G/A, filed with the SEC.</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>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 the three-month period ended March 31, 2023, 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. The effects were transferred in shareholders' equity as &quot;Treasury shares used and cancelled&quot;, between
the &quot; <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Profit reserves&quot; and &quot;Treasury shares&quot;. There
were no cancellations of shares during the three-month period ended March 31, 2024. </FONT></P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"></P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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: 70%; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Number of canceled shares</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Carrying amount</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">Cancellation approved on March 2, 2023 </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">239,881,683</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">4,164</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>Three-month period ended March 31, 2023</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>239,881,683</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>4,164</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Share buyback program</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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="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>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2023</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">10,493,300</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">147</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: silver 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">9,137,714</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">128</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">&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>19,631,014</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>275</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">-</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">23,234,352</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; background-color: #F2F2F2; padding-right: 4.25pt; 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">398</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">21,304,219</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">365</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt">&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="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>44,538,571</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>763</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>19,631,014</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>44,538,571</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>275</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>763</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) 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/115% Vale Sans,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #007E7A"><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"><B>d)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Remuneration approved </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"><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: 3.3pt"></TD><TD STYLE="width: 18pt"><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, 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 it was fully paid in March 2024.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; 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: 3.3pt"></TD><TD STYLE="width: 18pt"><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, and US$437 (R$2,265 million) as an additional remuneration. This remuneration
was fully paid in March 2023.</FONT></TD></TR></TABLE>

<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"><B><A NAME="a_034"></A>29. 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="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Related party transactions
were made by the Company on terms equivalent to those that prevail in arm&acute;s-length transactions, with respect to price and market
conditions that are no less favorable to the Company than those arranged with third parties.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Net operating revenue relates
to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relates to the variable
lease payments of the pelletizing plants.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Purchases, accounts receivable
and other assets, and accounts payable and other liabilities relate largely to amounts charged by joint ventures and associates related
to the pelletizing plants operational lease and railway transportation services. </FONT></P>

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


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: navy"><B>&nbsp;</B></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: 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; width: 40%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="6" 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>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(0,126,122) 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></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&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>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; 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">-</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">-</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">-</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">93</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; 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">-</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">(27)</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">-</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">-</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">(77)</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">(9)</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">15</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">(58)</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">(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">&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">-</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">(90)</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">-</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(64)</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norte 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">-</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">(15)</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">-</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(27)</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></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; 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">9</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">(21)</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">(3)</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">5</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">(3)</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></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"><B>9</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"><B>(230)</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"><B>(12)</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"><B>113</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"><B>(178)</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"><B>(14)</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>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></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">82</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">(6)</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">(1)</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">69</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">(6)</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">(1)</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; 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: #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; 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">3</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; 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; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #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"><B>82</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"><B>(7)</B></FONT></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"><B>2</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"><B>69</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"><B>(6)</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"><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; 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></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; 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">-</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">(1)</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">-</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">-</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">-</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">-</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; 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">-</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">-</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">(39)</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: #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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: #BFBFBF 1pt solid; background-color: white; 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>
    <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;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">61</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: #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: 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; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></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"><B>61</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>(1)</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>(39)</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>45</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>-</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>72</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; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></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>152</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>(238)</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>(49)</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>227</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>(184)</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>57</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) 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>

<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: white 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>March 31, 2024</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(0,126,122) 1pt 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></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; 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: 10%; 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: 10%; 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: 10%; 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: 10%; 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: 10%; 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;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">26</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">27</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">33</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">16</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">34</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">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">21</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">43</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>21</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>80</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>20</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>104</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">139</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">46</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">-</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: 4.25pt; padding-left: 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>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD></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>139</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>3</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>47</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</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; 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">-</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">-</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">-</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">-</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">1</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">-</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">251</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">267</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">176</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">313</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">186</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">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="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">5</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>437</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</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>267</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>234</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>6</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>313</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">17</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">16</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>437</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>182</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>350</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>234</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>419</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><BR>
(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: 45 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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 Consolidated Interim 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></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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 STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 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>March 31, 2024</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,126,122) 1pt 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="white-space: nowrap; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial instruments and other liabilities</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial instruments and other liabilities</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>Joint Ventures</B></FONT></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: #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="white-space: nowrap; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (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">56</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: 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">51</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">290</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: #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">-</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">48</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="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: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="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">39</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: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="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>105</B></FONT></TD>
    <TD STYLE="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>261</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>138</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>290</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; 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>Associates</B></FONT></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: #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="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: #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">175</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">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">59</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: #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: 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">4</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: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="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>5</B></FONT></TD>
    <TD STYLE="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>175</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>5</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>59</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; 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>Shareholders</B></FONT></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: #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="white-space: nowrap; 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">&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="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">2</FONT></TD>
    <TD STYLE="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="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</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="white-space: nowrap; vertical-align: bottom; border-bottom: #006666 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: #006666 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #006666 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #006666 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #006666 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="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>2</B></FONT></TD>
    <TD STYLE="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>24</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>1</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>23</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"><B>Pension plan</B></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">12</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">14</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>124</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>460</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>158</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>372</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: 10pt 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; color: #007E7A"><B>c) Key management personnel compensation</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="font-weight: normal">During the three-month period
ended March 31, 2024, the compensation of the Company&rsquo;s key management personnel was US$11 (2023: US$10).</FONT></P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></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"><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: 46; Options: NewSection; Value: 46 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</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: April 24, 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>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" 3Y X,# 2(  A$! Q$!_\0
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MS*3?63'XETF:18TNOF8X&4('YXK11TD7=&ZL/53FGRV!23V)=U(9,4PMCDG
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M@MCT_.J[>8!D@@5!]IYZDXIV O;B.]%4/M7^S118"M11174?-!1110 4444
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MP^HZ55DW* "HP13=[*@(3\J:N)I%AT\H\]S2[<,.@IJ-O!8Y'L14V0^0!SG
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MK');D4ID+-EF)'7%.TNXE.'1$IB@SD,< 9(I$GC=@HC/IDU"PR2P; -1 DC
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M .3[TF&.2&_6ERE<Y(&#AN@.._>H%8MG.2:ECA)4GG([8HD7:HP?PQTH$V[
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M R-<C ('XTQE/.,9SQ4H!8@D@<\BE!!^88Q0!%M( W\9[4OE#9U.<U,7;.0
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M_+1NSCDTW<<F@!WRCMQ]:5.N":0 L* I( [CK2L ]\!< G\Z6(LL@*L0>]-
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MQO*]O:L\W152/+&3@"I/M+*I)4+N[YJ.1E<Z+>YYIG49#(N0<U(KD)@X8DX
M':LMYFE8L6.3WIZW,A<'=P.U/D8<Z-9D,D9(<Y!Y!-36\I7:">&]>]<^]S(0
MV6//)YJ)[IXX#@9)[TVM 6LK(ZFXN+> [6=0W<=ZC2:)F7=(ASZGK7'I/(S%
MMYYZDFHTFF$Y97?!/K4)V-94CK[NXM4B(>90&&.#S7+W%P([HO".%R <8!'T
MJ,^;.Y;YN>Y%/6%<@@;OKS4RF:TZ5BD69CA1^-2I#GYGR:O+A1_JU_[YH,A)
MXC7_ +YK-R-U&Q7"08Y@!]\458W-_<'_ 'S14W'8OT445ZI\"%%%% !1110
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MQH9N,8Z\TW=D=3Q189.BIL+<DCN*8[ECT_*DC<;''0XH5"S9S]:5M0&YW<=
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MF%EE^4!2>@H4.S!SAU5RPNB:B]PL$<(D=@"-LBD8//7/%1&TNX[@0/#.DC'
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M>3AW1>3\H-*Z;AN5<#T'2@;F0[ 0Q##<1@#-.BW;-IZ^II@78Q)R,^U#-L8
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M$L>Y@!V H]!6>[%#QCAA^E-C<*3Y9;(Z$<8JN[@@XSUZYYH&]%#*W!ZC-,%
ML/<N9"7/MD#K35N'!!&,#MBJ;2EN!S2X8CD@4K%^S74D9PQ)X.32$$_*6XJ$
M!O?ZTI))P#S07:VQ(,+[U(K/+\N\XQPI-0MG&[L.XIFXJ=U)H:18<-&<[0 >
MH%12%#C=D>H%3PSQR-F1RG;CO4=P8"244_B:2"UF1"5!\H!'TZT]65'!<9SV
M-+&(RN6'7C IDB(7X'';!H'H6E:!\_NLAN<@[<?K578^=I4C)XS4B6LT;%F3
M"#W%3M*SICC@YK"=50V.VAA)5-7L*D:"T\IW.,D_**V=*C:*T<1I@",NI;N=
MP_2L>)64;E.']?:MNVDD4W$<H!5(P0P7YB<K_P#6S7E8BK*UF>]AZ4(SO%:E
M.^;9</+Y06215+#'?'/ZYK#G5T+GD G(]Q6MJ.Y8[5Y3B1E*G'< \$^YS5=F
M7)(59.,X/-=-"MRQ5]3AQM%2DVMS,C&XD<XQVJ_%8PN@9E<>Y;&:9]H5<GA1
MV&,5,MVQ 9R,9]:NK7D_AT,:6'BEKJ/DM(&AVJGSKC/'-0+:F-C)$Y#+T[<U
M;CGP58A<D=>YI!*9!L#!E'&,8K.&(FE9ESP\92N49F*_-,=TC?Q_2MG16^7<
M.[#DCGCK5!X%E='RJD$D@#)K7L48K$R@-AB2>!VP/ZU5>O'V=B\)AW[;F709
M;2L99(I9P9.2S;0.?3Z#/^<53EM=]S.#@[V.W\>]6K>Q>2X;$*YS\SC!'-7/
ML9697D,:8"GKR<<?2N7ZQ&,O<.]T'4@E574P8HK: [VY<=.XJW'/OM5V#):7
M'W>>E7DT^(L&1))V[;1A?S-7[;2G93O98<G.V(=/QHJ8E6O)BPV#G)^Y&QC-
M9#:WVH84G<!GK[>U:5CI0O8MOE$@*6SOQA:TGTBV4&1W<D=2S<4U89DTN[O8
M+I6BBVVY01G<0?\ ]5<ZK^TT@]3KGA)4+<UM?,Y/[5<VP58KN6 %B6$9P#4P
MU.^\YE75)=HVXW*ISZ]JUIM2M7MRC6$ F[R*SYS]-V!],5'9R:0;Y4OW:.,(
M&?"$Y)[# ./\]*Z;OL0E9:,S4U:_E0I->^8CIAE"*.ON!5)E6%21D'O6MJ,E
MI-=F6WM?*AZHH[#W]ZH1L@E;="),KP&7O_GBJCW(FY-6;,V27KCD]Z@+C'2M
M>5(!!F6TV@94M$3D-[YID.EQ3%BMPB<%E5UP3QGZ"MU5C;4YG2;V,I3N;&":
MT]-M7N;AHDBWB*-I9<L!A0,GFJ\",\HBAB,LC< *N2?H*V=.!N8X(#!"H0LQ
M=%(=\GHQS@@8X^II5)KE;-</3YI)&MID4LI6Z@5;9$ 8^: ^['<^F?2EN[T7
M=^9Y9 ^W&V,+A!_];//O6QYL&G6JQRHDF\9<.VT 'C)_'G\*X^XU"5Y=UI'&
ML!8A<VZ@MCC(XKQ%S56VMCZ"IRT(J+-:VB2YOC<3K'-&"SF%R</C. <$=\=Z
MXF^ANX+HF4&-I!O"@] 371P7ERS,QBB*JC'_ %?.0/;WQ65>237\XEDQN50H
M '  %=F&=2,G%VL>?C/9R@FDTRC;R3;PK.2*U8?WBE78Y X'K_GFJ*1;6R?P
MJ9)0AS[]J[9*^J//IR<=QP#++AC@#IGO6D)%DC"KTSD@=CCG'L:9&B&,;B!N
M^Z>O/]TUI_V88K<3W#+"DBGRFX^<@<C_ #ZUSSG%/4ZX4Y;(KVR*\\<33>4C
M'#2,N=OOQS3EB9#S)NC(9%(<9XQSCK^=((=8N$ M[/S(8N%VR $CUP1_6M73
MM-:]OHUEB>WMV!W3+'G@ =!QDY_G6?M+2W7WHTC24E:S^XJZ?9^9O<ES#&NY
M_?G@5>NX6< *KOA1P%R.G2H&9K >60I YRPXR?;'/0U2GN)I^9)'(^N!^0K&
MTJL[K8Z91C"GR-ZC_L\?\=L=W?*__6HJ!8W(X>3'MFBK;\SA6&7<91117T9^
M6!1110 4444 0W"*\8#=,U46(J,LVY/ITJW<Y\L8S][M4,:ED(4DXZ\5I'8Z
M:;:B0AT4D#I1") S,N2 >I[BA0B2#>V?PJV\\DJ8 \R)1Z<@>M-FS>A7D10^
M505(-@'#!3CD<U&@&TKL)7/+4YI?)D$>& [G-(EIO08$:7/\([$\9J=+5HXR
MY(('4YZ5'YZC;O8NIZ8.*LJT3,P6(@$97DD4FV)ME.2(1RX"E@>IJ42JG&""
M*F*HRY*9'8J?Z4U+:.X?:9-I'&2!ZT7T%=-:BJX"LV!R,>]1ML8'K^(IDT;K
M)M5AM;'/X5)#(&0KTV]230*UE=$ 5F?C./6G.DL6"6;!Y49ITTBH!M  Z'N,
MTD8$BE_FSC/':F7YE=V>1L@ ]C[4L2ODAAGG'(XJ8R+@JS 9X)QC%("!'M\T
M;CQ]WB@N^@+$P1G16&WK_P#6IK*6VXSC'\7K3UVA<;MQ]B>E2-')Y"[78$>O
M>BY%R QRD\G*XX&:0228/&,4A+J0&/2K"0JZ\D[NG!]J8V[;D 9'&X_*WK4A
M8[QCTX(S@TYK?RW*L"G&0#S30F4"(PW*?F)/6C05T.?SEC+*2I(Y /6F!I1'
MS(0>N,5+&)#QE2GK@TT%,88\]"*$).Q7DDD(1CRO>G+<N5"=%QG!H92&QE=N
M?6D:%&7*%N#R*9I[K6I(;C "D@]R:=CS.>,BJKIY77/(X)IT$W\)&3]*8G#2
M\2R%(.,J.*B=FSU'X&F"7)*G@8Q[TC.%7VHL"B[CBN#D=N2!WH$P(P0=IX%,
MBD!7@D'WIY,8!D*9/3&>*!VZ, XCW;G;!IHF4OC;GC&::'SR5'Y4NQ=PX ST
MQ0.RZDN^,L".".PI0^<[LFI/L\0Q(/F)'3)Q46!OQGIZT7(T>P")@IQ\W<9H
M,LL9 \L*?K1U?[V!4C,VY2"",=J+BOW+#237=J0X#"(<$G!6J9R..#4ZNW&>
MM->15;) ]Z$[ Y-O4C,<G4(2* "5SR*<9$!#8SD=Z@DD^8% V"?PIW&DV2#"
M?3UJNQS)N[ ]JL.H9 Q!Z<T&VD,'F*"5'8<D?6DY(N"OJ,=PT"GY@1P/?FHX
M=W0 ]<U* 6A*A,XYZTB1,B?7WS3"ZL3QRNDGS' (J:9DD4NJ!F[\53R#R<@^
M_>G*Y7Y.3O&&SVJ6TB.1MZ$$DG39U)[4F\# YS^E68+565L;)#C/4YJ..V1I
MB'+*H[XZ=*QC7C.]CNGAI4TE+J1,RKU#9Z<&F'+ [ 3BII#:(O\ K6<DD  8
M/'K3;:/[5,(XY0,]B#5<ZM=D*G*]DM2IO9P1CVJ5%('S<XZU<:RV7!C:1=P.
M&PIXI'A16W*">Q$C  >^>E1[>G>US5T:C5^4JN=X"C@BECAFE^["S#U ZU-<
M7,D3>6D0$PPOR@9]L?F*C(OEE0S1/A^_4@_2L*F*Y79(ZJ&"YU>3L0!PK8QW
MI)&XXK4:YN/*$<I!+8.&&<@U--IR-"TD$*JX3.5/\A2IXR,G:2LPJX*4%S+4
MQD3]W@(<YX-/CMI9.,%O8"IDBE64HX:/!_C'-)/%-&X8L67^\.E=7.KVN<?)
M.W-;0DAL) CELH!V(R>.M0RQVZ?- [.0,GY>":N6ED_V*:1G*D,K9 SQS_\
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MH5,8VDUT<L4[HX'.HU9DMK-LA=!RSX''?K5E96>'=G!W8JEM0?\ ++I[TX3
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ML\D(>,L^WL*E!20JS!2@7&".<U#E97*C&4I<L48_E2 \G ^M/,0( 7<?7BM
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M8%$5X@%7.">]/L+5-1O/LZC:S(Q7'J!FLJ5F5R3T'K5S0+N2UU#[8$9UB&&
MXZ@GK^%==:,E2?)N>?"HN>[.H?PP8;B-BX")PR 9! YZ^YZU4UG3;NZGC:V1
M%C1,\D\DGK1-XTLI&C\^RU&,@=$V'J>^:LVWB/3)MH:2^*9Z-&._3[K&O,]E
MBXVG+=?UW.CZQ0FW%+?U_P B.VTNXM8$$H+ 9SM&2"W&>>PJ[>B6WMF$2_O$
M4F,,<Y;!R?PP0*N+K>FRB8174L1*@9:-P$ [C@CM7":CX@O)]:$L99H(GPB
M_>7).#Z]>]8TZ&(K3;FK6[G6\51IQ]WKH1J)%4[FW%CDD]:B=&+JW?I4N078
MGY2>1FED(0X617XYVYX_.OH%HCQN4A5& [=?6FR$MR?QJ0QLV<#'>HS'C^+\
M*5QJ+$CE2*.0-$'9AA6)^[202M&KR.I8]@>O [?B11Y63R20.M:FBZ>+J\1Y
M ?*![=0,\FIJR2@VRZ4&YKE+NFI+%9&$(J&]P&R 6"+R>>V>E=GIL26MHT[
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M&^?+,Y558TL<(5RTP^IS4L<IABV)G!.#G@D^]4G$X8--T'ZTEN1)]S05DVJ
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MQ/[E0YY)4GKT'\JNV%O);312OPJN'VD^AS42:Y6=V'LI:[%>.,KN' (]*T(
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MF4)+M),LK,0JXR3]!4'VZ"V:55)9%4%PAY.,^M59M4\F>50^UB0"-ARPQW8
MGWK#E?,]#O<U9&E-"L,DC7&PJ _[M3C/!_$GZ56M[EKN\0HFR)00L87;@?R
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MMHU*;OS:&4Z=2*7+J7Y;@R:1';>7;%Q,?G:!>1@<8'UK,(NU7 6T.,=Y$_\
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M$H_MMW?9L(4^PRA_K46C7(.J6X Z*X8^N5-7-0B5YD<J#F-2=M16,:)>1N$
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MV\;@NH8N.>2 37/'"S<FT=2Q5.G%<ZN:,=N6957<Q)P .I-37UI)83F"8@2
M E>N,C/]:3PZ+2/6K&2.VC&6;80O)(0__KIWB2Z2YUV>2-@R_*,@_P"R,_K4
MN#@[-W-_K'M-HV1G7$RJHW9P3U#8IT,ZJ[8=R!@?,1Z=:IW#$*7XR" ,CIDT
ML,OF;F1%WL2#@>AQFEJVBU)V+D,ZRA"DDH+-C:QR.U3M,0K<GAR/_'5_QK.M
MW& FU"06*E1SVI9+C9$VYO\ EHW?G[JU48ZW9I*7NC+V[$:,,Y8G  J@B'4=
M2$=R6C0-F1A\Q5>YX[XIR&2:1&B1I)9?EA0=?=JMZC%!HL:Q(^^[49D?<0,G
MG''7\:ZH+F?D>=5EI8M:MJ<%EHXL].@98LDK+(PR#UZ#GI7+Z/9-?3^82/+4
MD#CJ:AD,^J7@BW'<Y+,1T4?2NTTW3X[.T' 5$7DGL*JO55.%EN&%H>UGS/9%
M*ZMX=.M%E61TD'"#<<-]1GFN>GD:XD+N26)R34NK7[WUTS*2(U.$'MZU';Q(
MR^9-(![$]:FA3:7-+<>*K<SY([(&NA!&-N,]SWJ:VOF=\!PHSSGI5(CS=Y54
MXSC!Y(JS:6PEB+#;NX.TC/%*M9[GGN32N7+QG0*^2P[E>H_"LB[N=T>Q01GM
MGO6C=2>1GY]N!T(Z_P#ZZQ"Y,P+L#M^<T4XD4U?4L1Q<K IQW<^]:,=N2P9E
M!08$:AL[B>F<?F:;IGV;^S;J6XCS-(R^7(&*E,9R?3T['M6E9QXC$\BE0!\H
M)SCN2?<]32G5LVNQZU"A>S[CULIC"4B1YIGZ*HRSMUK-LK>8@[R5GN3@XX*1
MCK^?3\JL37T<VI6,EM,[11$O*""HR#R,@Y(QCTZUKZ; +Z\>[$0C64_)&"<(
M@Z#FN/FDW>6QW-1;Y8F[H]HD,8D8 *HX _E67K&I?9XKR^FD50D;1VVTY+2$
M$9'T/\C6OJ<S6EDMM!CSI!A?J>G^->:Z[<O?:E]DC8M;VB^6&R.6[M^8Q7)2
MA]8KZ[(JO5]C2TW>QCV4>XL\B[E4Y&>I;M7<^'-/$$37,PY W,:Y_1[+[5<H
MBK^[C/7U;N:[F6.W6W6P,K1LZ9RJYR>, ^@ZG\*]/%UE%61R8"C9<\C'U2[2
M*"74"Y\R4;(E/&T\\CZ#]37/Z:FYBY_&F:QJ O-0,$/_ ![Q?(G?=CJ?QJY:
M)Y<:CN>36F'IN%/7=G-7J^UJ:;(T%.%^M0SR;0Q/8=Z7?[U1O90(]I_B-6EJ
M7.5HF/=R+(>N,\U7B&.AQ4KJKR$DX _E488*1C&T=.>M=*/(;O*YI1>3Y:Y$
MF<=FHJL&X^[^M%3RE\OF;=%%%>F?FH4444 %%%% %345+0(1_"X8_3!JNDS.
MFT89F& H7'^15F_ \A<J6PP.!^-4T296YC7!(/S-BO-Q4+RN?8Y+42H*-^K+
M(/SE'5@",!!Q@]L>HI$AR&Z8W!L-P14#7<<8.]S(_0 'I4*F\D5V@D\O')'3
MCZ^M<:C;<]J<]=-RX=00$SC<(S\H##[P]:=;ZB9Y,B/@<#C\JIPP"5!+*&<K
MD<]OQIL2 Q[N$EW8.WN*EPIVV%[6I>]]#=$\CXY7:?:F3;POE[2_&,+52W;R
MIEP,QN< EJ:MW,LKQ^60 V!\IYQW%3&FXNZ2"4X5(N,AY6=W2-8VV 'KP*;-
M8^=&%D*K( =K%Q23:DD.U979' .3V)_QJ6.2*6$GS0X(Z%>1^76NQ591UM8\
M:>!5VTRG%I9VG=LD)!V[6QAOTXIRVGV>(/)"2<9/(Q].*E>1K?=L&W/&1VJ>
M-FN(UWNH)XP6"YS]:U>(ZO8R^KM;%..992H\HC#8! Z?6ENV$I= NPJ<L53D
MTCI#N(!DB.<D XZ]Z@*W0D^2ZS&.F6Y'UK6-2+V9$H3M9HL0M:&+"*V<<;N<
MFHT\F(_N9"K\_,7Z>N!BHU@N!(&E1S$N?NYP>OI5"%55G=N>< CG I2::LF7
MAZ5I<TD:ZJTS-)).Q.#A0>#].^:M1R>6?F=_+XR#^A%8T$D.6^=V Q\H;&/I
M6H[0&U#*KHPX'.<'WKBJ1UU/43318F%K=L&\X!ESU/'T/Y&FR>7:( %#'D X
M&0?<]ZK?9(WG\Q2K,!@[3CDT-;S;1.%+Q9PSK\V!351Q5KF$Z5-N[6HMQ<"X
M\M;A5?:."PZ54DMD?YHF"?[)Z&K%X&)D*,=RKG 4#FL^VFFR?/8(,Y&X5O"<
M[<T63*G2>C1/):SK&I;"JWW6S4,TTT2;3(Q3';I^5:<%YO80% PQPI/;UQQS
M5347A,NP+D@D'&,']*JG7J.5I(YY86G;1&626C+;B/0#O5=7RASV/!S5XJ2C
MK';.<]U!JI):RPH7EC94/?@_A72YILQ47'0MVA'EC:N&;C<33PY,@1(]W.78
M9P/<4^WLII;<2-'*MN5VJJ @FK211VT(3&.RKG./KCK7-.:.FG1<M7L7X+:*
M;39[AHF4Q%1P1\P.?3GTZ504>8QB52#W7N/K6QI\8N]/OH8C\X@R"I .0P/7
MZ U0CB2WB!CC#*3R<87/<GU]*X(3LY)]SVY4HN,':RMJ+!9-$N) %4GY@WRX
M'\ZKWXB12T;*GL"<G_"K7B%D2^ADPP>6%'7;RIXQG\P:Q;IE5"_+L?O$]:NE
M>:4V<V)G&E)PCT%CN%E+8;+GIQ_+TK7N-TGA2#YBWESD$]<#_)K"M89)GWI&
MJJ?XFX&/:MJQL=OAV^MI9E(W[E*G.!V_E58BR<9=FC'"-R<UW3_S,R":$1%W
MC#-T&%STJ2([I1/M4#/&XX"XZ?\ ZJIV[P0NT2D2L&&6XY/M[5HI,TZ.LH;:
M.!R.E:R5CFA!MCXEEGC9(Y5V$G:>A /ICZ4P0QVNQ99#.%.=OK^/6E^6, 1J
MVSMWX[TY$B+D*22>!N[?3WK%M_(Z5#30LA8;^.*WCMY =V1Y8^;'\SUIJV$M
MIJ0WVKP/&X)$@PRGJ,BNDT?Q+?>'=.DLK%+9Q*PE:1LY&Y1Q^&*K3ZJ]YK+W
M]U$)?-_UAC(4G@ 8ZX[=JQC)ZI;'1"BTU*QE2V,=O?W"E SK*ZX8]!G%.2!2
M4DD5'.?N?PX_QK1FNUFDWR$LYYV]L_YS1!ILM^V NU"<D@8 J5)OXM#J6$52
M5TBNL[SOY4* Y.5"]1[?2MBRT4J1)<,=Q_@!_G6A;V=MIL.1@'&"Q')I#.9D
M+9\J/VZGZ5$JB^R>E2PT8(E,@B40PJ"?0=!]34$TJ1*LL[!W' '\(JI=:@MO
M&0&"+V7N?K6-=7KR6J23%0BNQVGN,"E"#FUV-9S4$R;4M?>0F.([5Z$CJ:ST
M+O(5"JY91DNQ"@9S_2J>\3R1N"$ Y"E<9IWVHPSAF&64$9&.:ZI045:)X]2O
M*I*R=D;\<EM"@2787R!\GW>/3/.:5);!9/,C:3"\$-S^E<\MWMW,2K,V6Y'0
MT@U78=ZHV[J02:P]BV8Q@HNZE8ZOS[9IB'EB*D$X7.[WSDTBM8_,LDVT9_A4
MD=#C_P"O7)278E?<IVD\@#MW/X]:E,S!$#/DD[N."/\ Z]-T'W-%*:^&1T<\
M2A$/FQ.2@9"'SE<X[_C^5-C3,XV9S@DL""!G@5CS7+?9K24,2-K)C..C$_UJ
M%+R0%/G(!7&">>?>HC"36YK4G53]V1NRQM&1DMSDA<<TYB7D,@<'< " XXQV
MKGFN68C:QV 84>A]C30P3;*B_(N >>A(S5JGIJ9JKB$[W3.@D$JKG@]\ BJ\
MS2O)O.<$G: .QYK/_M"50OE,RC&?O=_?-2C4@&0R)R!PW&<4<K70?MJO5(G#
M.BL3D8(_J*?;))AB-ZDD#.[/7/(].E,M;DS[HWW-& QR!\P8#.?T''UI$O5\
ML_.%RV[&/3/%1+5M'4JSA%-]2REJ[ DW$BD'G<,[J7[/<@C_ $A&('5DI$OH
M&D97E*;FXW # _SWIPN+=H_]8RDGJ<].M3>VY'UR/9C6:]+$'R<#DKR,9_#V
M%(&NN3]C5\=U?_Z]6 R7!8))VY#,.W''M2ESM8 9*J6P",X'X_2JC)&CQE.V
M^H6VZ4,9+<Q*HYYR?T%76MH5"[D8 ]2SKQ^ .:HM+.5&(G!"#((YR3Z5<>%W
MN[CS%*J&+#/\0SUJ)M?S6-/K4(QN[#C#:X8L(0.BG+$_J* 8E $90@#)"Q8X
M^N3Z^E1&TQ@-* V,88?45'L$8(%PAWC;CH<Y'3\:CW'U;%];B]K$DDNXDA9N
M>@+KC\@!4$DA!Z$$'^\Q'Y9Q^E023J& ]\JQ/RX]#QQS56:Y0J3N/H3M-;QA
M'L'UHNR) 53]W'N=R&^4#/3_ !J-8+4_\L8?; Q6>\R,G+ A.RX!QGKC\*?#
MJ-K+$)&\T.'R/F'YGBM.626AG+$06K1H&SMI/E6)E8]"KFH_L:;?E:5?H]47
MU2W2;F6<C.20J^O6I_MJ8S]H<*!G'EX_K3M(:K4^WXC9;219!MWG_:(!(_*G
M"&Z5@R3'W/EX/\Z3[='G_7'<>@/ ;G\>:5;TY*"1<D]">GM^M--@ITI/2Y+;
M3:C:2J\!3>@.PDME<@CC(]#0KWJ9/V=7).?OBCSKGC]V.3QS36NI4SNC(&>P
M[4N1-ZENM&.FHK7DRQL9;1@F>",?YZU-!J,<"8%M,-Q+9*GG)SZ>]599C+;,
MBA=K# SQD>M O7 5>$ 7'?C&*%!)Z#5>-KW+\5S;^69$)W#@Y!'IQ^E9Y<W,
MDCREO)5S@+GYCQQ4!D:X1P"JH2"6;H"<9_6IVN;:V6,-,5F4?+M^[^G?/K27
M\H3K75T;&GW@TE'N9%#7LJ8CVD8C7^A]O2N7U.[GN[IY7=G9CG)ZDUH&.6ZC
MD:!#(J+O<@$X'J:;H]A)<W9FE7Y5.$'7\:[%)4X7.94W4GRHT_#VDF",/(,R
M-RQ/\JG\0ZBL4)LHCVS)C_T&M.\N$TG33(0"YX0>IKA9Y6E<NY8DG<S8ZFO/
MIIUZG-+8]6O..'I<D=RU::=-<H9P $]R:BE@\R4Q[<A3@^QK:M]8$MIL\L+@
M $@$<>O-9HCCA)</O8MDMGKWKKE64=#R)<C^$KXA7Y0I24-\W'7TJ[%=JH(.
M-N*K7*K.I*X#=<BLLRN"RL#\O'UKGY54U,)RZ%F\E$A*DDJ!G'I^-4K2$W4_
ME[T5GY.\XZ<X_&HWF,2>KM6II^GH@@FCD+R2#(5DP%?N>IR%X^I-=/PQU-J-
M.[21H6L NIS"D;);H^6W=2>P_"IM5N$)%@D\4+,A+,Y(  &<<9Y/05>/E:3I
MK2,<D#H3RQKG&L)Q??:M0"X9!,,.&!#?=''3/IUP*X^92;U/9FG3@HI:O\C1
MCTN2WE6T9XV\P"1O*8,H3' ^I[__ %J[72X!;PF9Q@*,U@Z+9N[^9)]^0[C[
M>U;VJ^:E@(H%;!(5F R 2._T'-<6(J\L;=3>A3LC!\0:TEM:7%^'!E&8H.?X
MCU/X8/Y8KB+6.0VX7 WN=JCKDGJ?P!_E4^N7\=[K26,2+):6J[/F/<?>;Z\8
MK3\.Z>;J83L"5_ASZ>M=N'I>PHW>[U."I+ZQ7M'9:?YF]H]G'IFGF:3HBY^M
M13.A:$RL!=7))D4<[4."/T!_.IM3NMMU#8Q1I(@!\S?T'RGDX/:L&\DCBDDO
MWN!))*7:%$! '8#)]JY91=6:NSMJ25.-ET,D)%+J<K1)LB5L*/8?Y_6M2-R.
MO6LRT'EKD]3R?<U;WC']*]O;0\&.]RP9CN/ITK-OY06)R,H,]>YJQOXR:QIG
M,K,0<EF_04TB:E2R&F0L",4^(=MH)Z9J!0?7BK5N#(X&0H'<U6QR15M3300*
M@&#P/445396W'!!HJ.7S*-JBBBO4/S@**** "BBB@"AJ\S0V!*=20,^E8D-V
M0?WDV\8Y!K=U3;]D!;H&S^AKDYE$664Y/7(SBN&LDYM,^FRY-8=27=F@9@65
M=N!G(K0>5P%2$M)*>.1QFL2".ZEMGF$;&%,;F Z9Z5H[I(H+>3)VE3G'K7)4
MBGH>U3;Y;R-*S:-289LJS=1QU[]::88(+I),E8\$X7G\36=YIB+3+(WF-\V[
MH0?K6I;A)XI'=AAUVDAL'=VXKEE%Q=T]S;F36I>6&WN;246TNX@# ST-5)6E
M^S/;L%$@7Y"&R<U5@)M@WSKECR&'6JTT@:1?FP W4'\JTITY+K=&$JB;LA)K
M$);+]H<B0\KNX'N!4BM%:KE"1C&0>E/NI<P;&&0O(.!6?=3>8,@D9[ ]:Z8\
MTE[Q+ERW- 7*7#;(Y-ISQD\&K<MI=Q69N5C5O+Y7:0Q(ZYP.WO7/1.R1N1'D
M= 1VKIM-U'-FUO(H4,FU6Z$<=?>LZZE%+D,X^]<SH=;F+8GYR,$,!G':H9=5
M6)R5!R.YY!K.F.)6W'+<]^?QJ2VMQ>)^\8HW;%;*$5J2EKH;%MJSLZRR;U4D
M8ST'TQ5#6T8WQN+=/W4H#%5& #WI%DA0&*6+F,C#;3C-;$>C/>6Z,\GE(!\P
MZX[GWK'W*<N?8U<'+1'.VW[IP[.,G'!K;MWCG)Q&8MW3 X/%3)X63)V2R2+]
M[<,#CL>:MV^BO';-&S+( >"3@XJ:F)I/J4H..YS-W<[[_P M&VX;&%[^F*U+
M2YFA4*H;'?/_ -:LV31[Q=48BWE\M7X*\Y';FMV.PG,SL(0BL<_.<X]*NI.G
MRK4RC?J1X$D_SQ!X9%&[MCGK68;5_P"T%0L/*W'+#G ^E:T^GW@ *J&"\84Y
M/UJ"&QN)[H-+!.H89+!<<"IA4@EI(IQ;LD+)"@E4B5MF#C;U-(RK:2[MBE2"
M?,)^;/YUJ FW,9BC13QN(7/3_/>IY=+2_MT=I0B.<L47E>O'3UYS6,L1&.LG
MH="PU2:T,ZVD,^%#HK]< \5.((DM\3QHX/2,#GUS_.K$&AF"4E7#)_>7@]/7
MK^E3R6UI"%CFC:(2$$MG)/ODUS3Q%-OW65'"I*[*6XM.&D"A7.%B#;F8>A_R
M:KR6T4EN&:%HMI);_P"N/\>/:N@L!ID<X6UDB+E>/D!)/KNIUVA,SB1-J@D[
M,X X],8-<OUY1GRI-&EEMN8?A^]BEU*&SAVE9$>+Y>GS*1R?Q[52:UEF1E*M
MN(QMZ#%;"0-'K$-W;MMCBE4NAXQ@YS4=[9M!J%VAE52)&&.A(R<9_2NVG6BZ
MG-'JCHG3G.A'F[L;J%O"VCZ;-*")4A:W#;L ;3GIC_:%8;Z+)(A+WT6'7*_(
M23['IC]:Z<1B70 OF8$5QU]0ZY_FM41'! N5#.!W/3W]ZNE5<8M+NS/$813G
MS=TOR,1=/1I8]\\CLHZ(O']/2M_3+2$V5U"7\PN &5B1QR/P^]37D$R9CA"[
M>2<X49]<U-I[LMW/"0@5X6.U.F00V?TJ*]64H,>%IPIU5'N45L+&VF6)K0E@
M,LH^50?3U-=#I?AZ_P!7CD>VM(_( ^7*A .W&<9-1VOV6[@<(NV>)LDKR#C/
MK5J+6;VUMS;)=R10#^Z!D#V-1"ISNT[W+^KN6D49,^GRVUP879$VG!4'OWSB
MJ[V*O*^9TCR>, FK$TT8!$;,<]6-,A9GD'E#+>I-=$5RZMG;2PRAYE<Z<R@%
M9 <?[)%2QV3-]T$]LBM:*P=\/.Q<YSCH/RJ_'#%%R.?05G.O%:1.R-#JRE8:
M.O#R+_\ 7K9VK%&%10![4R&4<@=:E*[XR <&N5R;U9JU;1&=(INKL(2=HY-)
M=CREE<GB-?E!Z"I"&BEW+@L.OO4F$N >AR,$&HYM2K=CB/M'F3///%O4#: <
MX!/3I^)_"DEVM8I&(S),CEF;DC&/T K;N]%:*.7R064D-CO@9&/UK%D@;!38
MP'0\5Z4)QFE;H>;6I32?F4Q*C1A94P<]<YS0\<0?:CKSQM Q^'-6%LFEWB-U
MR@WD'C:!]:<+>8MGS5X&,JW:MVUT9YSPTWL4=H09VL,#.-N<U,($,!=G99&.
M%4 $,.Y/IV]>]6'@)?@E0<<#^OK2W=H<PL$1OW?(QC."1_2HY]4B/J]2*>AG
MF,_P#)],XS3?*P2 V">WI5CRMLO[QQM##<.HQZ5(B[GE4#Y2I9><X(YQ[]*T
MYC-4Y7V(9(R^EVRYX$DF.?935;RGR&!/';KBKTK;]'C'RK)'<$XS@X91_P#$
MTQHU5(29\[UWY(Z<D?CTI1T*FI-JW9%8+EMROR.1BG)))T*J5;AACK4X@D28
MQEE) ;)+Y!QG^5-\N09XW;0"<8''0'\Z;:)4FG8A>4%<%&7'0=:8\@5 2P)R
M:F9CMW;#CIFF1 23+N P.>1_GO1T*4G*5C2T^06TL$1/S3.$(([GK^6<?2L]
M"JJN3\Q.,YJ:!P^L69YVQR( ?Q!Y_E^%4]AC?&_OCGM62A[US>I435NS+$<C
MMAB02!C/KB@2O'D*3E3@\Y&,8J+;(H!!0J#W/4TY_,(8!=A8]<<X^E7RF*JH
MEEN]K$J2N1G*]1S4S32-OV$MD\D<$\UGE6*$D L#CCI0DTR-N(W8(RO8_G0X
M+H9R4&:<-Y*FX/)(!(F,>O\ GUJ:*]D'FQ3R-C9E3C()YP#[<GFLU[@N!&R,
M$5L+D_=%2EDD<%>&(.5QP?Q[_P#UZQE336J-*;BBRTS12%"S+Y9PV#G!''7O
M48N&V#S2N\9&3WQTIMRCK<S1@\N2W3UY IIC*G)9MK!<[AG%.,47-J+LD$=V
MLL15UY!/ )&<]Z<Y.2H67"Y/+9Q_]:GQP)M+ N%#8.!W_.E9E7<) &;KR">M
M6K)Z&$I=BFZC@QJ,XR/?CK5@DF!RH4.K [ER"<YZ_E^M,-S&B*"B;@<Y/-6(
MB;G37V!=WFH!^353;'33=[F:ZD.)!&2A'S8/0THW!E;<1D<?6IV+;V^< 8Q@
M-P12>>L:Y;85'&, UH2X/H-W2&$F0*7Q@$'K^'X5&K%G4J&//(/%6%O(&!"A
M4;MM':FA@ 3P2!U]:$[@HM+0DMWV2AQO7<,$D]/\YJ4W,H+&*5PV"2!SD>M1
M++NP$(R>.F:D8B0' W'_ &1CO4-.Y:4[70JWL@4A97*L.3G&.?\ Z](NISI&
M%8K(>H8J":A\O<VYG!QU(ZBDD\M4P-H&<DMTJK69+G57<FFU -!&B,%!YDRG
M)8YP<^@Y_6JS3*X&V2-AG)&<<_UJN\RG=A@5STQ5_P /:M<:;>M+:16\KL F
MV:(2#&1V/?CK3C!+4%.565I(DTH7<UXPBGD",,.48KN'<''4=.*[S3;-(HM[
M855&2>P K.T;3E0 A0,G+8'>K&N:M;V?E63;MKL/-\L@-M[@?A7G5ZLJLE3B
M?3X6A'#T^9[F/J>O"]N[BV$,9MU _>L,M&!R2/3/?Z 5R4FH)+*Y!V+GY1Z"
MKVNRV]O<26=EO\IVWL9"-P'55.._<U@/RW &>P%>A3CRQ2['D8JKS3-19MWW
M=X/4<U*DS;B27Q[]_6LV-6^54" G^)CTJ22YFC9@P&5^7BB4;G'<U_/ (91P
M.V>]9U])_I ;.%(R?K4+W2[$ #9[@G@57D:2>5($!9F;A1S^%*%.SN&[+=E&
M+N<LY*Q)\SG&<#V]^PKM-*LR%\^10O'RKV11T'^?>LO2-.1W540")&W,!G#/
M^/8=!^-:NKWL-JL5D79/-8"1D7)5<\X'<XKGKU+OEB>[A*/)'VDC"UJ_.HWW
ME1DF",X&.]:=O#!</;Q00L@A4&;YMP>3_/;VK#AB\F1A&2Y! 5L8W,>G^/Y>
M]=IH>G^5$JGD]6/J:SJ6C%6Z%T^:<VV;5A$EK;F5_P"$9YKD]>U][73[BX5\
M&4F*'GJ>=S?K73:C)%)!+:^>8I-N% 7.X]^<\<5YEJTJZKK"L.-/M(P%QP"
M<<?4C\JX</35>M>6R-L56=.GRQW8VPLQ(8X@,23#,A]%_P#KUW]JD6EZ8TS
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MAD$J0/Y4T7ML0"9T QQN;%,ETFZB"OFVGA ^9,EB#_LU)]@C&FS321JCI"S
M 8PW)[_A6$ZM.#2;->?$--I*R[W)6:+:N67GD<U)XH5;+P8T9&&?#<<=2O\
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M5C%@=O[*N9GED\Q7"J2QX/<5#%=7#M@7#>O0'^E= 948%7@B9<\C;P341CM
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ME'3->7B87J7/OLAJ*."7J_T)3)EB<^@R:E^VA1ST)R>]1$@#@ 'VIK1*V=R
MY[CK7*Z:>Y[L:TMT6S>Q+(LAR00 Q'/:J[W<+@L2#DG!%1?9U&<)QW!I#"O^
MS4>RB-UZCZ%J">'RU,D@CST'K[TV:YB9T,<ZK@=.:JS0+Y1;CY>>A[5>TS2F
MO':ZFCVVL//7[Y],]AZFH<(+5EJ51]"SIUK#:2)>W*O)-)DVR(N3_O$=N^.#
M5VR@D:Z9@H"N2=L?S,?]Y_Z#CVJ.*2;5XY(G>-D) >.WRJ''0%OXL>G3WK>@
MM6MX!&S;?ER2H'R ?Y_SBN:K4Y%KN:4H>T?,UHA&>VLX0Q0+&AP>,Y/^'_ZO
M6J5E;M?7DMY<G%LG)W\<]<?@>O\ ]8TSG6)_)1=J1G:QST&>O\\>^?2JGB35
MDM$73+'"*G#E>F>.#7%&+G+E6[_JYUSFHQYG\CGO$VMSZMJ!CAW"&/B-%8X8
M<<D?A7/!9%RLN\8/7/(K9C@CBQ.DF)_,P0RDY&WG\,TRZ2"2::0!@&CW;6'.
M[!&/Y5[E+EIQ4(K0\6I&4WSR>IGW)=/*;>ZJ.H%7KTVTEX95$I#HAR%S@[1_
M@:B:,N"I4E&P2=O3Z5(PF2!=BN %VE>^*M[IDQT31$HM2O\ KL$]#BK31;XH
MU:<[024!0XR<<_H*I(ZD(=@)C& ./7_Z];RR*]K;S!EQP67.6. .?IG'ZU,Y
M6:LC6E'F3NR@MC%C=Y@"C@G8W6GBQCR 9TW?Q91^GY5=%T%C /0,Q'YY_K22
M&1HR=PCSVVYS]:24F6Y0B5X].A9@/M4));Y?E<9'?M5B;[%!8_81+ Q:3S/.
MCAW,.,8R3TQVJ")F?:6FR1D'G!Q4$BLCG"B1.F32=)MZLEU[+2)((+9B2LQP
MPX_=#/\ .C[+;;]@N%SC;]SO^!HA/ERAA'@D'GVQ_P#JJY;PYRP0#'5J7*UU
M*C-OH5CIL.&42+G.?N-QZ]Z>MC;N68R* WW?D;K^=7U7&=F2QXW'I^53I$%
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MX'MSUK1J:VDR(U:<OL+[SI#I\Y=BE]$4QA=R8)]S@4?8;Q(R\;6\L@Y"'O\
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MVG^5U!=.H4]F_P :;I-;29*J1OK!';?V=8C[ETVWMDY_K17$C[&PSY1_!/\
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MG=6=HTX^1Q3QK=:K,3.8][D XZ'WJ&-C!&'D9AW6,-@GZ^U6$41E\X9V(.&
M^6I-N "S[C@G)YYKTE-;'KPI-+1EN74I/+M+=I3&S1!D8= Q).#[$'\*SVO[
ME&=)&7<"0RL@//Y5?O(%ENX5**VU(E(QZ*,U6: 7"8DC_>A?W9'\8Z8^H[5"
M<31QF-M;A6BNY7AB.R+C]V ,EE'.,>]1?;X3'@V<&WT!88_7BI(8,6%SA6RS
M(O3ZG^E1)9HL:R2,RCGY1U-:7C<RM(LIJL*H%6PBP!CEB?U.312.TR-MC(5
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M&8\U%,1&HP!D1#!'3FJ4KJQ$J<4VQ(;^X0%4O+E!W'F'%3QZI=\K]ND(/7<
M?YBLT7SKMW)D>H8T\7BY'[K\\'^8H=-]B.:F]S4CO[N)0%O5V]Q_^HBEDU&Z
M=-ACMY,]"4YY^I-41>0[?FB4CW0?TQ4]G-:SW]M&(4#-*HR-WJ/<UDZ=M7$Z
M556RD:ES?-;W\T1LXI DA4'A2<'V%0R:BDB /8%,< HYSUSW;^E5)KFSENII
M"[AG=F)67;W_ -VDS 5^2Y<'W<-_45G[.-]8O\37VKM\1:2]M"I\R*;YI-S*
M%]!P> ?6I?M.GR8W74T9_P!J,G_"L[;)GY9CCW4?T)IS1/R%>,Y/=6_PJI0C
MW:",Y)&BSV).?[14?@!_[/162R2[C_J_P;_Z]%1[&/\ ,RO:S[(ZVBBBOIS\
M="BBB@ HHHH AN3B,<XYJ$1Y&<\U-<,B1@R/L&>#CO5ZR\0V%GIEU9I:VLLT
MXPL[Q!F3D9QD'MD5Y6*E:K8^_P @7^Q)^;_-&=%$TD@0<_2NMTFP2WC#LH!Q
MSGM5+1M.4!9V'+#(J76M16*)[=&"(H_>/GOG[O\ C_\ KKQL16YGRQ/K*,.1
M<S%U75OG!3U*QI_[-_GH!]:S+R1=,L'DD8/=R@C '(!QG]/7H..N:BAE6)3J
M5V2% Q&A'^>_YGZ&N0O-8N+RZEEE,@W# SV [5EA\-SR_K[B,1B5"/J78[WR
M0998Y,J I*D [<]*MSL\MP+@D!9E&.>2<9/Y5@Y>:(8\S:3S\O7I6DDR_8K<
M'(=&[]^?_KUZCIJ,DXGG1J-IIEKCTIC,I_AQ2M(OKCZ5"TBYX-:6#F%)/.1]
M*:Q P2.E'F+MSN)JNQ>>1$3.UCVK1+N92ET1T2:[$;5;6"W8$#&21@UDM;M
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M;)<&1Y"(U Q$2.6 _EFCVT_YBEAX]OQ*)T2!>6+=,D,V,>F3CK38K.P@F6.
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MK<F5:/8ZTVMA)!&B7+M&.25;AFSDD\?YQ4<=II\+?,79>_-<ND]S'\LKLT#
M!ES@@CC(/8U%- Z?O5G9XR>">H/H10H.]KD^TNK\IV4\FF[FD9%#$]VQC]:A
M74M/MG61(XVR" Q(X'>N1%L#)AG<Q@Y//0>E.\G?+@_*,; ,\ ?Y-/D[L3J2
MZ(ZR;6=/MR5=8E)&00#^F!5=_$UHL1"_=)'(4]>:Y^%4\GR9QOAZCU4^H/\
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M;!B[;B>3GVI>VB9K'TW%M)Z%9X@<'M4+P C'>K36Z"0<MCN-QI\4,?F.NT8
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M6:U'FJ,DL<C!!["F1> KL2!VO85XZ $C^59^WI=ROJU=K9G*7<;+/!+(I42
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MH J =!C/7OUIZ^#-/";9)[A_^!8K%F\272LZQW%SM5F"B-(^G;J#5#^UM8F
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M2VC!>51$J_@/<GBK+B^GNV)C%O'@",@ABH_N^F!]*X)59WTL>_&DI+9LR?\
MA'UB0C[0B@')Q%C^;"IE\,QF%$>XE);YE5, @'ID9[]:OP:3=M<33W%PTL,1
M(B!<J)&_AR!^9J.YL-2GN7=KE4C<'<$!Y/OZ_C3=2H].8M4%ORE)_#=G;XWR
M3EL\#<,\^P4U?.D6=O&(GV-Y?#,\A 5O3/'3^>:-/\-M;;KIKHM,/]4-OW6_
MO$'T[>_TITWA]9GWSW<LAQC[P'\Z3DV]9_@-4VEI'\2(65B;A(8%ADE;@!3G
MGZEJG>+3X&*LL*A>,O& QQWQ@D ]O:K-KI=G:6TA5V\YOE#,PRB]\''?I_\
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M9;G3%LEMBCW"LX^2,&1O?'0?G7.7F^XDD?')))!KHI"(=)GD(P96"#Z#G/\
M,5A[,1%C]Y^@IX=^^Y?(RQ";C8;"HPH4$# XJP2J=3],5$I(& #Z"IXK*2;D
M<8Z^U=$I+=F<8=$B%)SRH7GI2%-Q&6 _.MR#3A%%@["2<\U8:R7:<Q0 >I%8
M?7(7M$V^J2:NSGA^Z 7"ANI8\Y^E2F\E"$;E(Z=JOMITBQMM?)QDX7(%9:19
M)8KS_= K52C)7,Y1E!V%DE\V,*5(([DU7"!LGI]:M["?4?K3HH1+( !D+VQ2
MYT@]GS;E#RMO!'/U%%=!'81L@9@<GK16'UE%_5B6BBBOJC\:"BBB@ HHHH D
MBO([+?+,<(5P>OK[?2IO[9MS<_9A$?-*[L8/3\35"XM!>PM&6Q@;OKQTZU%'
MIZ;Y',@,C(5#;UR% ^AZC_/-?-9E.*KN[Z(_3.&E)X!)+[4OT-&+7%*OF1/L
MWF;594R,CO\ 3FFSZM=0730O;D83<'!^5Q['O56RTV*2$H9"1M.%#Y&0/91Z
MFKD5B8WDCD22:T<95-C\<9X/8_2O*E7BF[,^FA1E:[(1KMQ]C$Q@VDG!0MR.
MG/\ .H)-7N&OIXPN(85W&0 G=TZ5/-8V:6VS#Y;. W)!XP#EOJ/QH.G6L<4B
M?NE5P3@NIY/([$\=*:K16NHN1O16,^/5)([7S5CW,['=&3R >G)[]?RI9+S4
MDC:6SN!(O&-NW*\]&%6[:.*& H%!.TX*J3SU'.![U(JF"61X2R"0'(()'//=
ML57M+MVC<:II+<S)[[59[3!DE,N[G /X=!5=5O-CRN\A.<J&SUYYP>W]:VO/
M"KY2K&HQC)(P.<YQD^_YU'+)8KD&0 $8PI7^BUHI33LH&=H/[1EI:7L\$8CW
MG$F"25YST!Y[\_E4;Z:]S"9+?/R.,IGIP>GY5LQ:K:VJ%1(<8 ZGL<^U03>(
M[$?*(W._@_>/\VIKZPWI ERP\5K,KMI-PUO#U4QGY2">A&1VJN;*.6 LQ2)\
MC<#T;/3'(QTJQ+K4! 'EL02&!P!TZ?UJ(ZC#(CN(=I7' .._L*UC3Q'56,_:
MT'MJ*=+1HD+.#L&T<#KC<!W^E.&D;K5&7<6#D$!<@\#GA:AEUEH6C\J,-DYR
M23C]:0Z]<R#!"CZC/\ZT^K8A[,AXK#Q=FF;3:+!Y:A2^\!E0GC&,,/3U(I#;
M1M%%]H3+K\IF+CIVS\W/6L"75[L+A'523UVCBGW&KS2P6_E3%&"8DYZG)Y_+
M%1]1K?:D-X^DD^6!OQ6EE<OM"1-\I!)QCAN.<'^&KOV.!)(92R;X^ORMS@Y_
MN@>U<0;VXP<W+<G^\34<5R\1?]XS;U*\C_&J_LUO>;,EF2VY3M[L6<L B9T
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M*FDTD*@SL5\ D-(/?/K[5TNE#2\C-5:BO:*+SWVF*=L,KR,W P2/_95K3O\
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M&?QZ'V-$5AJ=Q"]W+O$!;:KJ/O')!Q^(-=;<&"]M#.66>,KD.O)('\)'Y?\
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MM&*[HQ459'F3FZDN:0P#FM_%O;>&X1%<EYY929(=N/+P",Y[@@G\JPD.Q@P
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MGN "?YBIH6D;2"N]@HFW", \DX&?3_\ 552^$45[UAE]%C4+@?\ 31OYU$T
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MSQ\PQ$XKW>HRXA0JD4(QN 8Y/<C/6HH7O[*57C9QL7"D'H#Z8^M*)RNWC<5
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M]-*I#F9RT%I_9^M+]HN5E\IB=Q.&.1UY^M&O79GN1&!M7/'N/6JM[F[N&F#
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M X[4QF':E=L=D)D#.U143L3SFAGQ4#OBJ2N9M@[<<8I]E;-<7";5W<\ ]_\
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MI_$5I_$6Y%O]AT> KMM5\R8#NY[5VPA"KB95+;:&4I2ITU#J_P CBH)X5R)
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MA3Y Q'?KG/:H+@<$>E>E12MH8Q7NW[F>H!?YN.IS4$P+-&.O?/YT\G=(X'
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MP.6/O5A(EAFD*@EG;<V>IS3EA,49!89/Z4I4,.#S6+D=,865A@7^#))/Z5,
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MA/>L)22+LV-R0N,YJ0(74XI?)SR>U3*,#G'I7-.KV-%$A"X[9[9-/*%NO2I
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M388(9$N;A<Q!OE&/O$=?RK>M]1CFUK3\[EMYG !)P&&<'\.WYUM-X9%SHH@
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MA+$M7$= [[S8ICN2=HZ4KM@%%Y/>NI\'>#9=>G%U=JT>FJ>6'!E/]U?;U/\
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MN,<5-H.J16L[P74;-&_\(.,]J=K,!M=3F0$%"Q*-7+!<M1I]39M.":(A<87
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M- .6K-UN?;:^6#@N<?7O2IKFFD$WRQ;*.EVYN;A[B0Y S_WT:U\'Y44$DD
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M_"G6^UY8#_MH_P#\17K]%/\ LZAV?WA_:6([K[CR'_A5>N8_X_-/_P"^W_\
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 ?+5%%%>L?GX4444 %%%% '??"/\ Y&NZ_P"O%_\ T..O9Z\8^$?_
M "-=U_UXO_Z''7L]<%?XSZS*O]V7JPHHHK ]0**** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** /EJBBBO6/S\**** "BBB@#OOA'_P C7=?]>+_^AQU[/7C'
MPC_Y&NZ_Z\7_ /0XZ]GK@K_&?695_NR]6%%%%8'J!1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110!\M4445ZQ^?A1110 4444 =]\(_^1KNO^O%_P#T..O9
MZ\8^$?\ R-=U_P!>+_\ H<=>SUP5_C/K,J_W9>K"BBBL#U HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M/]#Z!HHHK([@HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ^6J***]
M8_/PHHHH **** .^^$?_ "-=U_UXO_Z''7L]>,?"/_D:[K_KQ?\ ]#CKV>N"
MO\9]9E7^[+U84445@>H%%%!X!H \0^)FO/J?B%K"-S]ELCL '0O_ !'^GX5V
M7P^\&6VG:;!JM] LE_.HDCWC/DJ>F >^._X5Y-+F^U]_,/,]T=Q_WF_^O7TJ
MJA%"J, # %=<_<I)+J>#@XK$8JI5GK;;[VOR0M,:*-Y$D9%+IG:Q'*Y]/2GT
M5R'O!7%:W\3=&TF=[>W62^G3(;RB @/IN/\ 0&F_$W7I=)T!+2V<I->L4+ \
MA /FQ]<@?C7"> ?!L7B:XFN+UG6QMR%(0X,C'G&>PQU^HK:G333E+9'EXO%5
M(U%0H+WG^!TMM\8K9I<76C2Q1_WHIPY_(JO\Z[O1=>T[7[3[3IUP)%'#J>&0
M^A':N9U;X7Z#<V+KIT+V=R 2CB5G!/H0Q/'TQ7F/AK5KGPOXHBD<LBK)Y-S'
MZKG#9^G7\*T4*=2ZAHS!XG$X64?K%G%]4>_WMW'86,]W*&,<$;2,%') &>*Y
MS0_B!HVNW$\,*W-OY,)F=[E550H(!Y#'UK7\1'/AG4R.GV63_P!!-?/^@:7/
MK6LP:9!,(FN259CG&T#<<COTZ5G2IJ?-<Z,;BJE"=-05[].YZ?J?Q;TVVG,>
MGV$MX%.#(S^4I]QP3^8%:'AWXDZ7KEU'9SQ/8W4APBNP9&/H&XY^H%/M?ACX
M9@M1%-;2W$F.9GF96S]%('Z5Y'XFTD>'_$MU8PR,4A<-&Q/(! (_$9K2$:4G
MRHY:];&T$JL[6['T;7+>(_'ND^')S:R>9<W8&3%#CY?]XGI_.MC2[R2[\.V=
MZPS)+:I*<=R5!KP#3A;ZKXFA_M>X:*"XGS/*3@C)]3TY[]JSITN:;B^AUXS&
M2I4XNGO+:_3;_,] B^,<9D FT1TC[LESN(_ J/YUVOAKQ/9>*+.6XLXYH_*8
M(ZR@ @XSQ@G(K.'PY\)R0C9IQ(*\2+<R'/O][%:N@^&]/\.1SQZ>)5CF8,RN
M^[! QQWHDZ;6BU'0AC(S7M9)Q_KR-*ZNH+*VDN;F5(H8QN=W. !7 :C\7--M
MY62PL)[L XWNXB4^XX)_,"L/XJZ]+<:JFC1N1;VZAY #]YR,C/T&/SJ[X(^'
M=A?Z1%J>L(\WGC=% '*@+V)(P<GKUIPA'EYY[&-?%5IUW0P^ZW;+^G?%S3;B
M0)?V$]H"<;T<2J!ZG@'\@:[ZUNH+VVCN;69)H9!E'0Y!%>9>-OAW86.D2ZGH
MR/"8!NE@+EU*]R"><CKUJC\*==EM]6DT:5R8+E2\2D_=<#)Q]1G\A5<D)Q;A
MT%3Q->C65'$6=]FC7^,'_(.TS_KL_P#(58^$7_(NWO\ U]G_ - 6J_Q@_P"0
M=IG_ %V?^0JQ\(O^1=O?^OL_^@+1#^ _7]43+_D9+T_1G2^)?%=AX6CMWOHK
MF03E@OD*IQC'7)'K4GASQ+9^)[*6ZLHIXXXY/+(F4 YP#V)]:XKXP_\ 'KI7
M^_)_):N?"+_D7;W_ *^S_P"@+41@G2<NIT2Q-18U4?LV_0[N\O+>PM)+J[F6
M&",9=V. !7GU_P#%ZQAF*6.F37* XWR2B+/N!@_KBL;XKZW+/J\6D1N1!;J'
MD4'[SGIGZ#^=7_!/P[T^^T>+4M9C>8W W1PARH5.Q)!!)/7K3A"*ASS,J^)K
M5*[H8?1K=D7B/Q]I?B3P=>6B)+;7AV$12<AL,"=K#K^.*J_"'_D/7_\ UZ_^
MS"KGCKP%I&DZ'+JFG"6W:(J#$7+JP) [\CKZU3^$/_(>O_\ KU_]F%;0Y/9R
MY3CG[98RDJUK^7S/5M3U*WTC3IK^[9E@A&6*C)ZXZ?C7 77Q@LD/^B:3/*,]
M991'Q^ :N^U73+?6--FL+HOY$N ^PX. 0>OX5RD_@OP)I@"7RV\3$\&XOF0G
M_P >%<U/D^T>MBEB-/8R276Y1T[XN:;/($O]/GM 3C>CB51[G@'\@:[^UN[>
M^M8[FUF2:"091T.017CWC7PQX?L]*75/#]W$\:R".2*.X$J\]P<D_KWK8^$%
M_,\6HV#L3#&4E0'^$G(/\A6LH0E!RCI8XZ&*KPKJC6:=]FB_XO\ 'NEPV^JZ
M$UO>&Z\MH=X1=FXCUW9QSZ5YQX/UJV\/^(X=1NTE>%$=2L0!;D8[D5Z/XO\
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M,4X1A4FTMK!B*^(PU*',TY-Z_P!:'T<3M4D]AFN2TGXBZ-K&KQZ;##>12ON
M>9$"< D\ACZ5UDG^K;Z&OFBWMYKO5X[6W;;-/-Y2DG RQQR?3FHHP4VTS?'X
MF>'4'#J]3UW6?BII6G3O!8V\E^Z'!=7"1_@V"3^6*=H/Q0TS5KN.TN[=[":0
MX1F</&3V&[ Q^5/TOX7:!:6H6_22^G(^9VD9 #[!2./KFO,?&>AP^'O$DUE;
M%C 562/=R0#VSWYS6D(TF^4Y:];&T5[:5K=CV+Q'XVTGPTPAN'>:Z(R((<%@
M/4GH*Y:V^,-J]QMNM'EBA_OQSAS^1 _G4'A'X?P:U9QZUKMQ)<FY&](@Y&1Z
MLW4GV&*J_$3P7I>AZ9!J&EQ- /-$<D9D+ Y!((W$GM24:<7RRU952MC)0=:%
MHQWMUL>J:?J%KJMC%>V4RRP2C*L/Y'T/M5FO,O@_=R/:ZG9LV8XW211Z%@0?
M_017IM958<DK'H82O[>BJCW"BBBLSJ"BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** /EJBBBO6/S
M\**** "BBB@#OOA'_P C7=?]>+_^AQU[/7C'PC_Y&NZ_Z\7_ /0XZ]GK@K_&
M?695_NR]6%%%%8'J!1110!\V:U;2:7XBO;<C#0W#8^F<@_EBOHC2[^+5-*M;
MZ!@8YXPXP>A[C\#Q7!?$CP9/J+?VSIL1DG5=MQ"H^9P.C#U(]*XSPKXXU#PO
MNM_+%S9DY,#MM*GN5../I76OWM-);H^>C/ZCBI<Z]V77\?ULSWNBO/T^+NAE
M 9++45;N%1"/SW"I-&^)*:]XDM-,M-/:*&8MNEE?+<*3P!]/6L/93['JK'8=
MM)36IA?&%7^VZ4W\'ER ?7(_^M6[\)FC/A295^^+IMW_ 'RN*O?$+PY+K^@!
MK5-]W:MYD:CJX_B7_/I7E_@_Q=/X2OIE>!I;6; FASA@1W'OUXK:G[U)P6_]
M,\[$/ZOCE6G\+7Z6/?J^<O%3(_BW53'@J;I\8^M>@:M\6[1K!TTJRN1<L" ]
MP%54]\ G/Z5Q_@KP]<^(_$,4LB,UK#();B5NAYSM]R3_ %IT(.$G*6B)S#$0
MQ"C1HN[;/9-8##P;>AL[A8MG/KLKQOX=_P#(]:;]9/\ T6U>U>(_^19U3_KU
MD_\ 037BOP[_ .1ZTWZR?^BVI4'?G?\ 6S-,Q5JM%>?ZH]]KP7XC_P#(\7WT
M3_T 5[U7@OQ'_P"1XOOHG_H K.A_$7S-\V_W;YK]3V3PQ_R*FD_]><7_ *"*
MX+Q+\*YY;R6[T2:+9(Q8VTIV[2?[IZ8]CBNZ\.R>5X-TR3&=EC&V/7""N5@^
M+VCLF;C3[Z-_2,(X_,L*?O>TDX?UJQU?J[H0C7=KI6^Y'GLT/BCP?(F\WM@"
M?E*O^[8_@2I^E>H_#_QA-XDM9K:^"_;;8 EU&!(I[X['/6N1\9_$2S\0:.VF
MV-E,J2,K-+<8!&#G@ G\\UH?"+2YT:^U1T*PNHAC8_Q'.6Q],"MI7E3;FK,\
M_#M4\5&GAYN47N<?X]5U\;ZIOZF0$?3:,5[AX=:-_#6EM%]PVL6/^^17G?Q4
M\-S&Y37;:,O&4"7.T?=(Z-].WX"J'@[XCKH6G+IVI6\L]O'GRI(<%U!YVD$C
M(_&H2YZ*2W1I":PN-FZNBEL_G?\ X!ZIX@9$\.ZDTF-@M9,Y_P!TUX?X!#'Q
MQI>W.?,8\>FTYK<\8_$==<TYM.TVWE@MY,>;)-@,P_N@ G _&M#X5>&YEN)-
M=N8RD>PQVVX<L3U8>V./Q-.E%TXRE(,35CBL33A2UMJW]W^1;^,'_(.TS_KL
M_P#(58^$7_(NWO\ U]G_ - 6J_Q@_P"0=IG_ %V?^0JQ\(O^1=O?^OL_^@+4
MP_@/U_5&LO\ D9+T_1E/XP_\>NE?[\G\EJY\(O\ D7;W_K[/_H"U3^,/_'KI
M7^_)_):N?"+_ )%V]_Z^S_Z M$/X#]?U"7_(R7I^C//_ !YN_P"$WU3?U\P8
M^FT8KW#P^4/AS3#'C9]EBQC_ '17F/Q6T&6WU5-9B0F"X4)(1_"X&!GZC^5)
MX0^),6BZ4FG:G;3310\0R0X+!?0@D=/7-5;GHI+H8TZD<-C:GM=%+K\[G:_$
MG_D1K[_>C_\ 0Q7%?"'_ )#U_P#]>O\ [,*B\7_$$^(]/DTW3K&1+4X>6249
M<@'/09 '3G)J7X0D?V_?#/)M>G_ A13@XTY7%6KTZV-I.#NE_P $Z[XB^)9]
M T>*&R?R[N[8JKCJBCJ1[\@5Y=H/A/6?%CS7%L4V*V)+BXD(!;KC."2?PKN/
MB[ILTMI8:BBEHX2T<A'\.[&#^E87@?Q[:^&M.FL+ZVFDB,AD1X "P) !!!(]
M/6BCI3;CN&-<9XM0KNT+?U^)F:_X!U?P[IYOKN6TD@#!2878D$]."HKH_@]_
MQ_ZK_P!<H_YFL[QAX[D\4636-A8R1V:$2RNXRY /&<<*,D=ZT/@\1_:&J#//
ME)_,U=YNG+G,:<:$<;!4'=?KJ>A^*O\ D4]6_P"O63_T$UY!\,O^1WM?^N<G
M_H)KV77[62]\/:C;1#,DMNZJ/4E3BO _#.L_\(YXBM]0>%I%B++)&#@X((/X
M\UEA_M+^MF=>9OEK4IO9/]4?1M>(_%7=_P )C\W3[,FWZ9-=UIOQ,TG5M4M=
M/M;2]$MP^P-*J!1^3&LWXI^')KZUAU>UC+O;*4F51D[.H/X'/YU$$X33D=&,
ME'$X:2HN]K;>1P&G^"/$6JV,5[9:?YMO*"4?SXQG!QT+9ZBK/_"N?%G_ $"O
M_)B+_P"*JYX.^($WANV-C=6[7-EN+)M;#QD]<9X()[<5V+?%S0MIVV>I%L<
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M3-IEIY!F #_O';.,X^\3ZFM:BBAMO5A"$8*T59!1112*"BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** /EJBBBO6/S\**** "BBB@#OOA'_R-=U_UXO_ .AQU[/7C'PC_P"1KNO^
MO%__ $..O9ZX*_QGUF5?[LO5A1116!Z@4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M<.Y<NOK;0]9HI%8,H92"I&01WKS3Q7\1-6T'Q+<:=;VUD\$6W!D1RQRH)Y#
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MK)Z(P+WXGZU;:_<6"6NGF*.Y:$$QONP&Q_?ZUZQ7S'<7TMSJ4M^ZH)9)3,0
M=N2<_E7:CXMZ^2!]DTW_ +]R?_%UT2H-QBHK7_ACR<-F<8SFZLFUT^]_\ ]G
MHK/U;6+;1-(EU&\)$<:@X7JQ/0"O(=2^*7B"ZF)LVALHL_*J1AVQ[E@?T KF
MA3E-Z'K8C&4L.ESO?H>W45X;:?%'Q+;']]+;W0SG]["!^'R8KVRTF-Q9P3D
M&2-7(';(S53I2AJQ8;&4\1=0OH34445D=@4444 %%%% !1110 4444 %%%%
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MWV_] :O?I$22-DE56C8$,K#(([@UX#\/_P#D>=,_WV_] :O3OB9JTVF>%C'
MS))=R"'<IP0N"3_+'XUV8A7E%+^M3P<KFJ>'G-[)W_ =?^/_  OH<CV\3&9U
M.&2SB!&?KD _G7*^*O&'A?Q/H=Q&+:XBOT -N\L(#$^F5)X^M8/@?P:GBJ>X
M>XN'AM;?:&\L#<Q.>!G@=/>NE\1_#/2=*T&\U"UN[TR6\9<+*R,&_)12<*<'
M:3=Q*MC,13<XQ7)KH8_PHE=/%LB*3M>V?</7!4UVOQ3_ .1-;_KXC_K7#_"K
M_D<?^W9_YBNX^*?_ ")K?]?$?]:*_P#$C\OS'@?]QJ?]O?D<_P#!W_CXU?\
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M<A,<J!U.%/8U[9;:%I%G.L]KI5C!,OW9(K=%8=N"!FO&?AE_R/%K_P!<Y/\
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M:]L+6Y9!A3/"KD#VR*^?-"_Y&_3O^OZ/_P!#%?1U:8C:+_KH<V515JD7M?\
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M\^F1BK=%83DYN[/4I4H4H*G'9'S?$^J>$M?638;>]MF. ZY!'3\01FNZ\/\
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 ?+5%%%>L?GX4444 %%%% '??"/\
MY&NZ_P"O%_\ T..O9Z\8^$?_ "-=U_UXO_Z''7L]<%?XSZS*O]V7JPHHHK ]
M0*#THH/2D]@/FF2UEFFU"XB)_P!&?>V.P+XS^9%?0/AK55UOP[97X/S21@./
M1QPWZ@UY7X"L(]4US7K&8?)/:R(?;+C!J[X(\0R>']&\06%T<2V*M-$C?W\[
M"/\ OK;^=-.T+>28Y*\V_.QE>.[M_$'BR_$+?Z/IL)4GJ/E//YLV*[+X1_\
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M_P#5:1_O2_\ LM>AZ-_R ]/_ .O:/_T$4X_"_44MUZ%ZBBBD,**** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** /EJBBBO6/S
M\**** "BBB@#OOA'_P C7=?]>+_^AQU[/7C'PC_Y&NZ_Z\7_ /0XZ]GK@K_&
M?695_NR]6%%%%8'J!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!\M4445
MZQ^?A1110 4444 =]\(_^1KNO^O%_P#T..O9Z\8^$?\ R-=U_P!>+_\ H<=>
MSUP5_C/K,J_W9>K"BBBL#U HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M^6J***]8_/PHHHH **** .^^$?\ R-=U_P!>+_\ H<=>SUXQ\(_^1KNO^O%_
M_0XZ]GK@K_&?695_NR]6%%%%8'J!1110 4444 %%%% !1110 4444 %%%% !
M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444
M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 5R?B+X@Z/H$GD!C
M>77>* C"?[S=!].M=#JED=1TNYLUGD@::,H)8CAE]Q7S?J>G7.DZC-8W<92:
M)L$$=?0CV/6MZ5-3>IYF88JI0BN1;]3N;OXO:L\F;33[.&/TE+2'\P5_E5C3
M_C!=*P&I:9%(O]ZW8J1^!SG\Z\SHKJ]C#L>"LQQ*=^8^DM$\0Z;X@M!<6%PK
M\?-&3AT]B*U*^8;&_NM,O([NRG>&>,Y5U_SR*]N\%>.(?$L!M[KRX-10<Q@\
M2#^\N?Y5RU*+CJMCW,'F,:WN3TE^9V%%%9]_JUO9*5W!Y>R _P _2N.M6IT8
M\]1V1Z\8N3LB^SJBEG8*HZDG%9\FMV$;[3-D_P"R"17,WFH7%\Y,KG9GA!T%
M5<5\GB>(Y<UJ$=.[.^&"T]]G=6]W!=+NAE5_8'D5/7-^'K$M(;M\A5X3MGUK
MI*^BR_$5,1056I&S9QU8*$W&+N%%%%=YD%%%% !1110 4444 %%%% !1110
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M 'HO_1M>C4 <[XM\3/X9M;:9+59_.<J0S[<8&?2L*/QUKTK*J>%IR6X'W_\
MXFD^*O\ R#-/_P"NS?RJ:S^)-E+);VXTZ[!<K'NXQD\4 =K:M.]K$US&L<[*
M"Z*VX*>XSWJ6BB@ HHHH **** "BBB@ HHHH ^6J***]8_/PHHHH **** .^
M^$?_ "-=U_UXO_Z''7L]>,?"/_D:[K_KQ?\ ]#CKV>N"O\9]9E7^[+U84445
M@>H%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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MNS?RK7A\;^&%BC!OT!"@']R__P 36SJNB:=K44<>H6_G)&=RC>RX/X$5F?\
M"!>&?^@8/^_TG_Q5 &_;SQW5M%<0MNBE0.C8QE2,@U)4=O!%:VT5O"NV*) B
M+DG"@8 YJ2@ HHHH **** "BBB@ HHHH ^6J***]8_/PHHHH **** .^^$?_
M "-=U_UXO_Z''7L]>,?"/_D:[K_KQ?\ ]#CKV>N"O\9]9E7^[+U84445@>H%
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %96L>'=.UV2S>_A\PVLGF)Z'U4^HZ''M6
MK133L3**DK25P P,#I1112*"BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH ^6J***]8_/PHHHH **** .^^$?_(UW7_7B_P#Z
M''7L]>,?"/\ Y&NZ_P"O%_\ T..O9ZX*_P 9]9E7^[+U84445@>H%%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% 'RU1117K'Y^%%%% !1110!WWPC_ .1K
MNO\ KQ?_ -#CKV>O&/A'_P C7=?]>+_^AQU[/7!7^,^LRK_=EZL****P/4"B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@#Y:HHHKUC\_"BBB@ HHHH [[X
M1_\ (UW7_7B__H<=>SUXQ\(_^1KNO^O%_P#T..O9ZX*_QGUF5?[LO5A1116!
MZ@4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 ?+5%%%>L?GX4444 %%%%
M'??"/_D:[K_KQ?\ ]#CKV>O&/A'_ ,C7=?\ 7B__ *''7L]<%?XSZS*O]V7J
MPHHHK ]0**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
DB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** /_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.jpg
M_]C_X  02D9)1@ ! 0$ W #<  #_VP!#  (! 0$! 0(! 0$" @(" @0# @("
M @4$! ,$!@4&!@8%!@8&!PD(!@<)!P8&" L("0H*"@H*!@@+# L*# D*"@K_
MVP!# 0(" @(" @4# P4*!P8'"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*
M"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@K_P  1" "Q .D# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#]^****S-
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M,N*\0W_=_P#2(G]H>$N'A/@'"2?_ $\_].3-[_A(]+_YZM_W[-'_  D>E_\
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M:OMT/TQW+ZT;E]:_+#_B)#U?_HT6V_\ "W;_ .0Z/^(D/5_^C1;;_P +=O\
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M0Z+]E7_@H%X7_:)_:D^,7BZ]\):'INLS:I;MJ%S?27<TFFW,<,:Q,^'=YG0
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MPO\ V7J&K:?,5DL+-1YFI7$;K@JTL\YB1A@X:1@05K^?TDDY)J4@/H[XU?\
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ML=>S)*P4#_B3WG<U_3-\9_VL?V:OV>/#,WB_XW?'CPKX8T^WC+O-JVM0QLP
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M4Y;2\\8:Q<'5_'6J6@RLVH2(H\E&(RT<**L:DXR0S8&\BOI#XN #X4>)P/\
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M'#__  1\_;'_ ."F/Q;^''C#]F:Q\-R6/A?P[>6>J-KVN_9&$LLZ.H0;&W#
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!V0$!

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