<SEC-DOCUMENT>0001292814-24-001555.txt : 20240425
<SEC-HEADER>0001292814-24-001555.hdr.sgml : 20240425
<ACCEPTANCE-DATETIME>20240424205706
ACCESSION NUMBER:		0001292814-24-001555
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
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:		24872497

	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>vale20240424_6k2.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; color: #007E7A; margin-top: 0pt; margin-bottom: 12pt; letter-spacing: -0.1pt; text-align: center"><IMG SRC="image_006.jpg" ALT=""></P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; color: #007E7A; margin: 0pt 0 12pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><BR>
<BR>
Vale&rsquo;s performance in 1Q24 </FONT></P>

<P STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 5.9pt 12pt 7.1pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt">Rio
de Janeiro, April 24<SUP>th</SUP>, 2024.</FONT> <FONT STYLE="color: #007E7A"><I>&ldquo;We got off to a strong start in 2024, fueled by
our commitment to operational excellence. In the Iron Ore Solutions business, our iron ore sales have increased by 15% year on year, driven
by robust production &ndash; the highest Q1 output since 2019. We&rsquo;re also making progress on our growthprojects, which will help
improve our product portfolio&rsquo;s quality and flexibility. Within the Energy Transition Metals business, improved performance at the
Salobo complex, coupled with the Salobo 3 plant ramp-up, drove the increase in copper production and sales volumes. Encouraging results
were also seen in our Canadian nickel operations, with higher availability of own sourced ore. Aligned with our commitment to society,
we&rsquo;re proud to have achieved 100% renewable energy consumption in Brazil, two years ahead of schedule. As we continue on our journey,
we remain committed to building an even greater Vale.&rdquo;</I></FONT><FONT STYLE="color: gray; letter-spacing: 0pt">, commented Eduardo
Bartolomeo, Chief Executive Officer.</FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: -0.1pt; text-align: justify"><B><BR>
Selected financial indicators</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 60%; background-color: teal; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: #747678 1pt solid; border-right: #747678 1pt solid; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">Net operating revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">8,459 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">8,434 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">13,054 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">-35%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">Total costs and expenses (ex-Brumadinho and de-characterization of dams)<SUP>1</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">(5,897)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">(5,403)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">(7,278)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">-19%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">Expenses related to Brumadinho event and de-characterization of dams</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">(111)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">-63%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">(396)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">-90%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>2,724 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>3,058 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>-11%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>5,599 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>-51%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">Adjusted EBIT margin (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">32%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">36%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">-4 p.p.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">43%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">-11 p.p.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>3,438 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>3,714 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>-7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>6,454 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>-47%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">Adjusted EBITDA margin (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">41%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">44%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">-3 p.p.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">49%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">-8 p.p.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>Proforma adjusted EBITDA (incl. associates &amp; JVs EBITDA) <SUP>2 3 4</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>3,479 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>3,825 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>-9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>6,850 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>-49%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>Proforma adjusted EBITDA (excl. associates &amp; JVs EBITDA) <SUP>2 3 4</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>3,279 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>3,687 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>-11%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>6,730 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383"><B>-51%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">Net income attributable to Vale's shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">1,679 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">1,837 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">-9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">2,418 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">-31%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">Net debt <SUP>5</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">10,105 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">8,226 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">23%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">9,560 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">Expanded net debt</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">16,388 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">14,359 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">16,164 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">Capital expenditures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">1,395 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">1,130 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">23%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">2,118 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #838383">-34%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>1</SUP>
    Includes adjustment of US$ 67 million in 1Q24, US$ 35 million in 4Q23 and US$ 82 million in 4Q23, to reflect the performance of the streaming
    transactions at market price.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>2</SUP>
    Excluding expenses related to Brumadinho.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>3</SUP>
    Starting from 1Q24 the EBITDA will be reported including the EBITDA proportionate from associates and JVs and the previous periods were
    restated. Previously, the EBITDA reflected solely the dividends received from associates and JVs. For more information, please refer to
    the Adjusted EBITDA section.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>4</SUP>
    Including dividends received from associates &amp; JVs.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>5</SUP>
    Including leases (IFRS 16).</P></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B><BR>
Highlights</B></FONT></P>

<P STYLE="color: #0ABB98; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Business
Results</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Proforma adjusted EBITDA (including associates and JVs proportionate
EBITDA in the amount of US$ 203 million) of US$ 3.5 billion in Q1, 9% lower y/y and 49% lower q/q, mainly as a result of weaker iron ore
fines realized prices. Q/q variation was also impacted by seasonally lower sales. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; color: gray; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt">Iron ore sales increased 8.2 Mt (+15%) and while copper
sales increased 14.1 kt (+22%) y/y , both supported by</FONT> continued operational improvements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Iron ore fines C1 cash cost ex-3<SUP>rd</SUP> party purchases was slightly
lower y/y, reaching US$ 23.5/t in Q1, despite the negative effect of the BRL appreciation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Free Cash Flow generation totaled US$ 2.0 billion in Q1, representing
an EBITDA to cash-conversion of 57%, positively impacted by strong collection from Q4 sales.</FONT></TD></TR></TABLE>


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<P STYLE="color: #0ABB98; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #0ABB98; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Disciplined
capital allocation </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Capital expenditures of US$ 1.4 billion in Q1, US$ 0.3 billion higher
y/y, as expected. The Serra Sul 120 Mtpy project estimated CAPEX was revised upwards to US$ 2.8 billion, primarily driven by higher input
and services costs higher input and services sourcing costs driven by a combined effect of the inflationary economic scenario since the
project's approval, and the delay of almost 18 months in the issuance of the project&rsquo;s installation license. The project&rsquo;s
start-up in 2H26 and Vale&rsquo;s CAPEX guidance for 2024 of around US$ 6.5 billion remain unchanged.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; color: gray; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt">Gross debt and leases of US$ 14.7 billion as of March 31</FONT><SUP>st</SUP><FONT STYLE="color: gray; letter-spacing: 0pt">,
2024, US$ 0.8 billion higher q/q mainly as a result of new loans raised by Vale S.A. and Vale Base Metals, within our liability management
plan.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; color: gray; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt">Expanded net debt of US$ 16.4 billion as of March 31</FONT><SUP>st</SUP><FONT STYLE="color: gray; letter-spacing: 0pt">,
2024, US$ 0.2 billion higher q/q, mainly driven by the increase in net debt. Vale&rsquo;s expanded net debt target remains at US$ 10-20
billion. </FONT></TD></TR></TABLE>

<P STYLE="color: #0ABB98; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Value
creation and distribution</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Allocation of US$ 275 million as part of the 4<SUP>th</SUP> buyback
program in the quarter. As of the date of this report, the 4<SUP>th</SUP> buyback program was 17% complete<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 150%"><SUP>[1]</SUP></FONT>,
with 29.9 million shares repurchased.</FONT></TD></TR></TABLE>

<P STYLE="color: #0ABB98; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Recent
developments</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Agreement to acquire the entire 45%-stake held by Cemig Gera&ccedil;&atilde;o
e Transmiss&atilde;o S.A. in Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A. (&ldquo;Alian&ccedil;a Energia&rdquo;) for R$ 2.7 billion.
Upon closing, we will hold 100% of Alian&ccedil;a Energia&rsquo;s shares. Alian&ccedil;a Energia's power generation asset portfolio consists
of seven hydroelectric power plants and three wind farms in Brazil, comprising an installed capacity of 1,438 MW and an average physical
guarantee of 755 MW. This transaction aligns with Vale's strategy to have an energy matrix based on renewable sources in Brazil and supports
its commitment to decarbonize operations at competitive costs.</FONT></TD></TR></TABLE>

<P STYLE="color: #0ABB98; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Focusing
and strengthening the core </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; color: gray; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt"><B>Gaining momentum on Iron Ore Solutions</B></FONT><B>:</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">The US Government&rsquo;s Department of Energy has selected Vale USA
to begin award negotiations for Bipartisan Infrastructure Law and Inflation Reduction Act funding. Vale aims for up to US$ 282.9 million
to develop an iron ore briquette plant customized for the direct reduction route in the US, with plans for similar facilities in Brazil
and globally. The briquettes technology was developed by Vale in Brazil to the support global steel industry and the first plant in the
world was inaugurated in 2023 in Vit&oacute;ria, Brazil. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Building a unique Energy Transition Metals vehicle:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Last week, the Committee on Foreign Investment in the United States
(CFIUS) granted the final regulatory approval for the Energy Transition Metals partnership. The transaction closing is expected in the
upcoming weeks.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: gray; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt">The definitive agreement on the PTVI divestment was signed
in February. As per the agreement, Vale Canada Ltd (&ldquo;VCL&rdquo;) will receive approximately US$ 160 million</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #747678; letter-spacing: -0.1pt; line-height: 150%"><SUP>[2]</SUP></FONT>
<FONT STYLE="color: gray; letter-spacing: 0pt">in cash upon closing of the transaction, which is expected to happen before the end of
2024, after the fulfillment of customary closing conditions. Upon completion, VCL will hold 33.9% of PTVI.</FONT></TD></TR></TABLE>

<P STYLE="color: #0ABB98; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Promoting
sustainable mining</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Vale has achieved 100% renewable electricity consumption in Brazil two
years ahead of schedule, which was 2025. With that, the company has zeroed its indirect CO<SUB>2</SUB> emissions in the country. Also,
it remains committed to achieving 100% renewable electricity consumption in its global operations by 2030, from the current 88.5%.</FONT></TD></TR></TABLE>



<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: -0.1pt; line-height: 150%"><SUP>[1]</SUP></FONT>
<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Related to the October 2023 4th buyback program for a total
of 150 million shares. </FONT></P>

<P STYLE="color: #A6A6A6; font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt; line-height: 150%"><SUP>[2]</SUP></FONT>
Considering IDR 15,600/USD and agreed share price of IDR 3,050/share.</P>
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<P STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">The Peneirinha dam, located in the Vargem Grande complex, was removed
from the emergency level by the National Mining Agency in March. The structure received a positive Declaration of Stability Condition
(DCE) certifying its safety. This is the Company's 12<SUP>th</SUP> dam to leave the emergency level in the last two years.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Vale&rsquo;s ESG Risk Rating, assessed by Sustainalytics, improved from
35.3 last year to 31.2 in April, in further recognition of our efforts to build a safer and more sustainable company.</FONT></TD></TR></TABLE>


<P STYLE="color: #0ABB98; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Reparation</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">The Brumadinho Integral Reparation Agreement continues to progress with
69% of the agreed-upon commitments completed and in accordance with the settlement deadlines. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">In the Mariana reparation, around R$ 36 billion has been spent on remediation
and compensation, and approximately 85% of resettlement cases are now completed. </FONT></TD></TR></TABLE>

<P STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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<P STYLE="color: #007E7A; font: 20pt Arial, Helvetica, Sans-Serif; margin: 0">Adjusted EBITDA</P>

<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net operating revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,459</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,434</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13,054</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-35%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5,367)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4,949)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6,891)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-22%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(140)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(118)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(146)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Research and development</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(156)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(139)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(231)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-32%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(92)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(124)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-26%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(108)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Expenses related to Brumadinho &amp; de-characterization of dams</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(111)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-63%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(396)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-90%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other operational expenses&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(142)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(73)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">95%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">98</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">203</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">138</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">47%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">219</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,724</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,058</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-11%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5,599</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-51%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation, amortization &amp; depletion</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">714</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">656</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">855</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-16%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,438</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,714</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-7%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,454</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-47%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Proforma Adjusted EBITDA (incl. associates &amp; JVs EBITDA)&sup2;<SUP>,</SUP>&sup3;</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,479</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,825</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-9%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,850</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-49%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Proforma Adjusted EBITDA (excl. associates &amp; JVs EBITDA)&sup2;<SUP>,</SUP>&sup3;<SUP>,4</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,279</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,687</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-11%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,730</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-51%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Includes
    adjustment of US$ 67 million in 1Q24, US$ 35 million in 1Q23 and US$ 82 million in 4Q23, to reflect the performance of the streaming transactions
    at market price.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; Excluding
    expenses related to Brumadinho.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>3</SUP>
    Starting from 1Q24 the EBITDA will be reported including the EBITDA proportionate from associates and JVs and the previous periods were
    restated. Previously, the EBITDA reflected solely the dividends received from associates and JVs.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>4</SUP>
    Including dividends received from associates &amp; JVs.</P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Proforma
EBITDA (including associates and JVs EBITDA) &ndash; US$ million, 1Q24 vs. 1Q23</B></P>

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-top: 12pt; margin-bottom: 0; letter-spacing: -0.1pt; text-align: center">&nbsp;<IMG SRC="image_007.jpg" ALT=""></P>

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD>
    <P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt"><B>Proforma
    EBITDA - Revised Reporting Practices</B></FONT><B>:</B></P>
    <P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Following
    international reporting practices, Vale changed its Proforma EBITDA definition to include the &ldquo;EBITDA from associates and joint
    ventures&rdquo;, which is a measure of their &ldquo;equity results&rdquo; excluding: (i) net finance costs; (ii) depreciation, depletion,
    and amortization; (iii) taxation and (iv) impairments. The comparative information in these interim financial statements was restated
    to reflect this change in the adjusted EBITDA definition.</FONT></P>
    <P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt">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</FONT><SUP>st</SUP><FONT STYLE="color: gray; letter-spacing: 0pt">,
    2024.</FONT></P>
    <P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; letter-spacing: -0.1pt; text-align: justify">For
    more information, access Vale&rsquo;s 1Q24 Financial Statements on our website.</P></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;<FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 5.9pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #0ABB98; font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 5.9pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Sales
&amp; price realization</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Volume
sold - Minerals and metals</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>&lsquo;000 metric tons</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">63,827</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; background-color: white">55,</FONT><FONT STYLE="font-size: 8pt">659</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">90,328</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-29%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">52,546</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">45,861</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">77,885</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-33%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">ROM</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,056</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,665</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,158</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pellets</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,225</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,133</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10,285</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">40</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">48</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-31%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">77</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">63</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">98</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-21%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold as by-product ('000 oz)&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">97</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">72</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">35%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">125</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-22%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver as by-product ('000 oz)&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">433</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">406</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">513</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-16%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PGMs ('000 oz)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">73</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">74</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">59</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cobalt (metric ton)</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">465</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">621</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-25%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">492</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="5" STYLE="vertical-align: top; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt">&sup1; Including sales originated from both nickel and copper operations.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B><BR>
Average realized prices</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$/ton</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore - 62% Fe reference price </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">123.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">125.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">128.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines Vale CFR/FOB realized price</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">100.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">108.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">118.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pellets CFR/FOB (wmt)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">171.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">162.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">163.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16,848</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25,260</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-33%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18,420</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper<SUP>2</SUP></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,632</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,298</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,867</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold (US$/oz)<SUP>12</SUP></FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,079</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,845</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,125</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver (US$/oz)<SUP>2</SUP></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22.1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cobalt (US$/t)<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30,502</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">32,830</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">35,438</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-14%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: #747678; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Prices
    presented above were adjusted to reflect the market prices of products delivered related to the streaming transactions.</P>
    <P STYLE="color: #747678; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>2</SUP>
    Including sales originated from both nickel and copper operations.</P></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 5.9pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Costs
</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>COGS
by business segment</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-left: #747678 1pt solid; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 8%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">Iron Ore Solutions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">4,006</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">3,290</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">22%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">5,092</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-21%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">Energy Transition Metals</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,360</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,620</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,735</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-22%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">39</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">64</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-100%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total COGS&sup1;</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5,367</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,949</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,891</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-22%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">678</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">613</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">819</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-17%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>COGS, ex-depreciation</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,689</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,336</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,072</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-23%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; COGS currency exposure in 1Q24 was as follows: 52.0% BRL, 42.0% USD, 5.8% CAD and 0.2% Other currencies.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 5.9pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Expenses</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Operating
expenses</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">SG&amp;A</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">140</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">118</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">146</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;Administrative</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">120</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">20%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">121</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">45</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">24%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">48</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">32</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-22%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">38%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;Selling </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-20%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">R&amp;D</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">156</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">139</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">231</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-32%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">92</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">124</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-26%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">108</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Expenses related to Brumadinho and de-characterization of dams</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">111</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-63%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">396</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-90%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other operating expenses</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">209</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">108</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">94%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total operating expenses</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>638</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>600</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>865</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-26%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">Depreciation</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">43</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">35</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">3%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Operating expenses, ex-depreciation</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>602</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>557</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>830</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-27%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #0ABB98; font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #0ABB98; font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Brumadinho</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Impact
of Brumadinho and De-characterization in 1Q24</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 55%; background-color: teal; padding-right: -1.2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 9%; background-color: teal; padding: 0.55pt 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">Provisions
    balance</FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">31dec23</FONT></P></TD>
    <TD STYLE="width: 9%; background-color: teal; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">EBITDA impact<SUP>2</SUP></FONT></TD>
    <TD STYLE="width: 9%; background-color: teal; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">Payments</FONT></TD>
    <TD STYLE="width: 9%; background-color: teal; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">FX and other adjustments<SUP>3</SUP></FONT></TD>
    <TD STYLE="width: 9%; background-color: #005E5B; padding: 0.55pt 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">Provisions
    balance</FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">31mar24</FONT></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: -1.2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">De-characterization</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">3,451</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(61)</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(119)</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(60)</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">3,211</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: -1.2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Agreements &amp; donations&sup1;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">3,060</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(135)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(25)</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">2,894</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; padding-right: -1.2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>Total Provisions</B></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>6,511</B></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(67)</B></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(254)</B></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(85)</B></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>6,105</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: -1.2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Incurred Expenses</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">-</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">108</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(108)</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">-</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>6,511</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>41</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(362)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(85)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>6,105</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="white-space: nowrap; padding: 0.55pt 3.5pt">
    <P STYLE="color: #818181; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&sup1;
    Includes Integral Reparation Agreement, individual, labor and emergency indemnifications, tailing removal and containment works.</FONT></P>
    <P STYLE="color: #818181; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>2
    </SUP>Includes the revision of estimates for provisions and incurred expenses, including discount rate effect.</FONT></P>
    <P STYLE="color: #818181; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>3</SUP>
    Includes foreign exchange, present value and other adjustments.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="color: #818181"><B><BR>
</B></FONT><B>Impact of Brumadinho and De-characterization from 2019 to 1Q24</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: teal">
    <TD STYLE="white-space: nowrap; width: 60%; padding-right: -1.2pt; padding-left: 3.5pt; text-indent: 8.5pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 10%; padding: 0.55pt 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">EBITDA</FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">impact</FONT></P></TD>
    <TD STYLE="width: 10%; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">Payments</FONT></TD>
    <TD STYLE="width: 10%; padding: 0.55pt 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">PV
    &amp; FX </FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">adjust&sup2;</FONT></P></TD>
    <TD STYLE="width: 10%; padding: 0.55pt 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center; background-color: #005E5B"><FONT STYLE="letter-spacing: 0pt">Provisions
    balance </FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center; background-color: #005E5B"><FONT STYLE="letter-spacing: 0pt">31mar24</FONT></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: -1.2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">De-characterization</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">5,130</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(1,715)</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(204)</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">3,211</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: -1.2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Agreements &amp; donations&sup1;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">9,113</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(6,467)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">248</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">2,894</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; padding-right: -1.2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>Total Provisions</B></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>14,243</B></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(8,182)</B></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>44</B></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>6,105</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: -1.2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Incurred expenses</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">3,087</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(3,087)</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">-</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: -1.2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Others</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">180</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(178)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(2)</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>17,510</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(11,447)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>42</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>6,105</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding: 0.55pt 3.5pt">
    <P STYLE="color: #818181; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&sup1;
    Includes Integral Reparation Agreement, individual, labor and emergency indemnifications, tailing removal and containment works.</FONT></P>
    <P STYLE="color: #818181; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&sup2;
    Includes foreign exchange, present value and other adjustments.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="color: #818181"><B><BR>
</B></FONT><B>Cash outflow of Brumadinho &amp; De-characterization commitments<SUP>1,2</SUP>:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 46%; background-color: teal; padding-right: -1.15pt; text-indent: 8.5pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><I>US$ billion</I></FONT></TD>
    <TD STYLE="width: 9%; background-color: #005E5B; padding-right: -1.15pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">Disbursed from 2019 to 1Q24</FONT></TD>
    <TD STYLE="width: 9%; background-color: teal; padding: 0.55pt 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">2Q24
    to 4Q24</FONT></P></TD>
    <TD STYLE="width: 9%; background-color: teal; padding: 0.55pt 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">2025</FONT></P></TD>
    <TD STYLE="width: 9%; background-color: teal; padding: 0.55pt 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">2026</FONT></P></TD>
    <TD STYLE="width: 9%; background-color: teal; padding: 0.55pt 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">2027</FONT></P></TD>
    <TD STYLE="width: 9%; background-color: teal; padding: 0.55pt 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">Yearly
    average </FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">2028-2035&sup3;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: -1.15pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">De-characterization</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">1.7</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.5</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.6</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.6</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.5</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.3</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: -1.15pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Integral Reparation Agreement &amp; other reparation provisions</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">6.4</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.9</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">1.0</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.7</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.3</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.1<SUP>4</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: -1.15pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Incurred expenses</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">3.1</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.4</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.4</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.4</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.3</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.4<SUP>5</SUP></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: -1.15pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">11.2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">1.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">2.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">1.7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">1.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -1.2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="7" STYLE="padding: 0.55pt 3.5pt">
    <P STYLE="color: #818181; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>1</SUP>
    Estimate cash outflow for 2024-2035 period, given BRL-USD exchange rates of 4.9962.</FONT></P>
    <P STYLE="color: #818181; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>2</SUP>
    Amounts stated without discount to present value, net of judicial deposits and inflation adjustments. </FONT></P>
    <P STYLE="color: #818181; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>3
    </SUP>Estimate annual average cash flow for De-characterization provisions in the 2028-2035 period is US$ 265 million per year.</FONT></P>
    <P STYLE="color: #818181; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>4
    </SUP>Disbursements related to the Integral Reparation Agreement ending in 2030.</FONT></P>
    <P STYLE="color: #818181; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>5
    </SUP>Disbursements related to incurred expenses ending in 2028.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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<P STYLE="color: #007E7A; font: 20pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: 20pt Arial, Helvetica, Sans-Serif; margin: 0">Net income</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="color: #818181"><B><BR>
</B></FONT><B>Reconciliation of proforma EBITDA to net income</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Proforma Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,479</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,825</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-9%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,850</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-49%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Brumadinho and de-characterization of dams</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(111)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-63%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(396)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-90%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,438</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,714</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-7%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,454</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-47%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Impairment reversal (impairment and disposals) of non-current assets, net <SUP>1</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(73)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(39)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">87%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(203)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-64%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(203)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(138)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">47%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(219)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Equity results and net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">116</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(96)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(1,176)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">n.a.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(437)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(530)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-18%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(874)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-50%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Income taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(448)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(418)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(709)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-37%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Depreciation, depletion &amp; amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(714)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(656)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(855)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-16%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #C3E0D6; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #C3DFD6; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,679</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #C3E0D6; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,837</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #C3E0D6; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #C3E0D6; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>2,418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #C3E0D6; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-31%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><SUP>1</SUP> Includes adjustment of US$ 67 million in 1Q24, US$ 35 million in 1Q23 and US$ 82 million in 4Q23, to reflect the performance of the streaming transactions at market price.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Financial
results</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Financial expenses, of which:</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(339)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(320)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(380)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-11%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Gross interest</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(171)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(180)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(190)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Capitalization of interest</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(145)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(107)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(163)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-11%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Financial expenses (REFIS)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-26%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(32)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-13%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Financial income</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">109</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">121</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">105</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Shareholder Debentures</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">164</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(47)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(483)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Derivatives&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">192</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-99%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">200</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-99%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Currency and interest rate swaps</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">216</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">218</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Others (commodities, etc)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Foreign exchange and monetary variation</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(373)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(476)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-22%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(316)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18%</FONT></TD></TR>
  <TR STYLE="background-color: #C3E0D6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Financial result, net</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(437)</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(530)</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-18%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(874)</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-50%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; The cash effect of the derivatives was a gain of US$ 43 million in 1Q24.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Main
factors that affected net income in 1Q24 vs. 1Q23</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 39%; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 49%; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Comments</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3E0D6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1Q23 Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,837</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #747678">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Changes to:</B></FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Proforma EBITDA</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(346)</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Mainly due to lower iron ore fines, nickel and copper realized prices, partially offset by higher iron ore and copper sales volumes.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Brumadinho and de-characterization of dams </FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">70</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Impairment &amp; disposal of non-current assets</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(65)</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Equity results and net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">212</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Absence of 1Q23 impairment impacts.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Financial results</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">93</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Positive effect from mark-to-market of shareholders&rsquo; debentures and gain on exchange variation.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(30)</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation, depletion &amp; amortization</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(58)</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3E0D6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1Q24 Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,679</B></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 20pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="color: #007E7A; font: 20pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: 20pt Arial, Helvetica, Sans-Serif; margin: 0">CAPEX</P>

<P STYLE="color: gray; font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Growth
and sustaining projects execution</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 28%; border-right: white 1pt solid; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 9%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="width: 9%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 9%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="width: 9%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-right: white 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Growth projects</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>367</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>26.3</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>326</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>28.8</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>13%</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>481</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>22.7</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-24%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron Ore Solutions</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">320</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22.9</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">236</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20.9</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36%</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">374</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17.7</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-14%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.8</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">72</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6.4</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-46%</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">95</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.5</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-59%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">32</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.3</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1.8</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">60%</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">84</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.0</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-62%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.5</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">52</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.6</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-87%</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.5</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-36%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Energy and others</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.6</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1.6</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-56%</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.6</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-33%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-right: white 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Sustaining projects</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,028</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>73.7</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>804</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>71.2</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>28%</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,637</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>77.3</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-37%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron Ore Solutions</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">681</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">48.8</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">512</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">45.3</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33%</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">946</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">44.7</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-28%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">328</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.5</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">263</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.3</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25%</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">664</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">31.4</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-51%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">274</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19.6</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">204</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18.1</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">34%</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">520</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.6</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-47%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">54</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3.9</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">59</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.2</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">144</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6.8</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-63%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Energy and others</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1.4</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.6</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-34%</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1.3</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-30%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,395</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100.0</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,130</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100.0</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>23%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,118</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100.0</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-34%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0">Growth projects</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">Investments
in growth projects totaled US$ 367 million in Q1, US$ 41 million higher y/y, driven by higher expenditures in the execution of Serra Sul
120 Mtpy, Capanema and On&ccedil;a Puma 2<SUP>nd</SUP> Furnace projects, as the construction of these projects advance.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">The
Serra Sul 120 Mtpy project estimated CAPEX has been revised upwards to US$ 2.8 billion (from US$ 1.5 billion) due to: (i) higher input
and services sourcing costs, driven by a combined effect of the inflationary economic scenario since the project's approval, and the delay
of almost 18 months in the issuance of the installation license, (ii) engineering design changes in the plant&rsquo;s processing lines,
and (iii) contingency budget review. The project&rsquo;s start-up by 2H26 and capacity addition of 20 Mtpy are unchanged.</P>

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: gray; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B><BR>
Growth projects progress indicator<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; line-height: 150%"><SUP>[3]</SUP></FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-bottom: 8.2pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 26%; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Projects</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Capex 1Q24</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Financial progress<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Physical progress</B></FONT></TD>
    <TD STYLE="width: 44%; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Comments</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Iron Ore Solutions </B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0.55pt 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Northern
    System 240 Mtpy</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    10 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    1H23</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 772 MM</I></FONT></P></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">30</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">87%</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">98%<SUP>2</SUP></FONT></TD>
    <TD STYLE="text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">On the railroad, the bridge over the Jacund&aacute; river has been completed. At the port, the operating approvals are expected in Q2. Load tests at the loading silo of the mine have been re-programmed for Q2.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 0.55pt 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Serra
    Sul 120 Mtpy<SUP>3</SUP></B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    20 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H26</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 2,844 MM</I></FONT></P></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">125</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">37%</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">68%</FONT></TD>
    <TD STYLE="text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">Assembly of the semi-mobile crusher at the mine and the conveyor belts in the West Corridor have started. Civil construction of the long-distance conveyor belt has begun with field assembly in March. At the plant, concrete is being laid according to plan. </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0.55pt 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Capanema&rsquo;s
    Maximization</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    18 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    1H25</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 913 MM</I></FONT></P></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">89</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">53%</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">74%</FONT></TD>
    <TD STYLE="text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">The assembly of equipment, crushing machinery, structures and conveyor belts is on schedule to be ready by Q3. The project began pre-commissioning activities with the provisional energization of the substation and secondary circuit equipment.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 0.55pt 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Briquettes
    Tubar&atilde;o</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    6 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    4Q23 (Plant 1) | 2H24 (Plant 2)</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    Under review<SUP>4</SUP></I></FONT></P></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">24</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">-</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">98%</FONT></TD>
    <TD STYLE="text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">Plant 2 is commissioning the drying and mixing processes, 2 of the 8 briquette processing steps and start-up is now expected by mid-year. </FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.55pt 3.5pt; background-color: white">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>On&ccedil;a
    Puma 2<SUP>nd</SUP> Furnace</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    12-15 ktpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H25</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 555 MM</I></FONT></P></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">33</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">24%</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">36%</FONT></TD>
    <TD STYLE="text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">The demolition of older structures was concluded.&nbsp;&nbsp;Assembly of the second furnace, detailed engineering, and procurement of equipment is ongoing. </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="5" STYLE="padding: 0.55pt 3.5pt">
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>1</SUP>
    CAPEX disbursement until end of 1Q24 vs. CAPEX expected. </FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>2</SUP>
    Considering physical progress of mine, plant and logistics.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>3</SUP>
    The project consists of increasing the S11D mine-plant capacity by 20 Mtpy.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>4
    </SUP>The project scope is being revised in order to improve standards and operational synergies with the existing assets.</FONT></P></TD></TR>
  </TABLE>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt; line-height: 150%"><SUP>[3]</SUP></FONT>
<FONT STYLE="font-size: 9pt">Pre-Operating expenses included in the total estimated capex information, according to the approvals from
Vale&acute;s Board of Directors.</FONT></P>
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<P STYLE="color: #007E7A; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0">Sustaining projects</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">Investments
in sustaining our operations totaled US$ 1.028 billion in Q1, US$ 224 million higher y/y, mainly as a result of higher disbursements in
the Voisey&rsquo;s Bay Mine Extension (VBME) project and higher investments in the enhancement of operations, including: (i) Compact Crushing
at S11D; and (ii) adaptations in Caraj&aacute;s&rsquo; Plant 1 for 100% dry processing of ROM.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">CAPEX
for the VBME project increase by US$ 0.2 billion to its estimated CAPEX mainly to address engineering adjustments and to improve mine
development execution. The project is in an advanced stage of execution, with the Reid Brook mine and the main surface facilities fully
operational and the full mine assets at Eastern Deeps expected to be in operation by the end of 2024.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-size: 11pt; color: gray"><B>Sustaining
projects progress indicator</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #747678; letter-spacing: -0.1pt"><SUP>[4]</SUP></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-bottom: 8.2pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 26%; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Projects</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Capex 1Q24</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Financial progress<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Physical progress</B></FONT></TD>
    <TD STYLE="width: 44%; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Comments</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Iron Ore Solutions </B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0.55pt 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Compact
    Crushing S11D</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    50 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H26</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 755 MM</I></FONT></P></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">46</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">22%</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">33%</FONT></TD>
    <TD STYLE="text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">Concrete has been laid for the first floor of the building of the primary crushing structure. Civil construction for the second crusher has started. Work on the conveyor belts of the Western Corridor expected to be completed in 1H24.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 0.55pt 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>N3
    &ndash; Serra Norte</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    6 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H26</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 84 MM</I></FONT></P></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">1</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">18%</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">18%</FONT></TD>
    <TD STYLE="padding: 0.55pt 3.5pt">
    <P STYLE="color: gray; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>
    <P STYLE="color: gray; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">The
    Installation License and Vegetation Suppression Authorization are pending, and start-up was reviewed from 1H26 to 2H26.</FONT></P>
    <P STYLE="color: gray; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0.55pt 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>VGR
    1 plant revamp<SUP>3</SUP></B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    17 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H24</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 67 MM</I></FONT></P></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">10</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">49%</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">89%</FONT></TD>
    <TD STYLE="text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">The Vargem Grande integrated plan (for the 3 projects<SUP>3</SUP>) has been issued. With the completion of all the foundation piles, civil works are almost complete. </FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding: 0.55pt 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Voisey&rsquo;s
    Bay Mine Extension</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    45 ktpy (Ni) and 20 ktpy (Cu)</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    1H21<SUP>2</SUP></I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 2,940 MM</I></FONT></P></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">121</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">88%</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt">94%</FONT></TD>
    <TD STYLE="text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">The Reid Brook Powerhouse, the final surface asset to be completed, is 70% complete and is expected to be running by the end of Q3. In the underground portion of the expansion, the scope in Reid Brook is complete. The mine development at Eastern Deeps is concluded. Construction of the Bulk Material Handling system, dewatering and support facilities is ongoing. The full mine assets at Eastern Deeps are expected to be in operation by the end of 2024</FONT><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray; letter-spacing: 0pt">.</FONT><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray; background-color: white">&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="5" STYLE="padding: 0.55pt 3.5pt">
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>1</SUP>
    CAPEX disbursement until end of 1Q24 vs. CAPEX expected. </FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>2</SUP>
    In 2Q21, Vale achieved the first ore production of Reid Brook deposit, the first of two underground mines to be developed in the project.
    Eastern Deeps, the second deposit, has started to extract development ore from the deposit and is continuing its scheduled production
    ramp-up.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>3</SUP>
    VGR 1 is a program made up of three simultaneous projects, VGR I Waste Containment System, Water Adequacy and the VGR I Revamp, all aimed
    at boosting the recovery of production capacity. The progress data provided focuses on the program's main project, the VGR I Waste Containment
    System.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Sustaining
capex by type - 1Q24</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; padding: 0.55pt 2pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: right"><B>Iron Ore </B></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: right"><B>Solutions</B></P></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Energy Transition Materials</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Energy and others</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Enhancement of operations</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">366</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">145</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">2</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">513</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Replacement projects</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">9</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">133</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">142</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Filtration and dry stacking projects</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">28</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">28</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Dam management</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">42</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">5</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">47</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other investments in dams and waste dumps</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">53</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">9</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">62</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Health and Safety</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">60</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">26</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">3</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">89</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Social investments and environmental protection</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">65</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">2</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">68</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Administrative &amp; Others</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">57</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">8</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">14</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">79</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>681</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>328</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>19</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>1,028</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 20pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt; line-height: 150%"><SUP>[4]</SUP></FONT>
<FONT STYLE="font-size: 9pt">Pre-Operating expenses included in the total estimated capex information, according to the approvals from
Vale&acute;s Board of Directors</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="color: #007E7A; font: 20pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: 20pt Arial, Helvetica, Sans-Serif; margin: 0">Free cash flow</P>

<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Proforma EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,479</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,825</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,850</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-49%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Working capital</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,468</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">739</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">99%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(852)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Brumadinho and de-characterization expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(362)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(313)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(668)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-46%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Income taxes and REFIS</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(506)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(337)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">50%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(259)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">95%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Capex</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,395)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(1,130)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(2,118)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-34%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">associates &amp; JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(203)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(138)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">47%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(219)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(481)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(362)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(221)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">118%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Free Cash Flow</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>2,284</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>-12%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>2,513</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>-20%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash management and others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,795)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(2,364)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-24%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(2,181)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Increase/Decrease in cash &amp; cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>205</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: Black 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>(80)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>n.a.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>332</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>-38%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">Free
Cash Flow generation reached US$ 2.0 billion in 1Q24, US$ 284 million lower y/y, mainly explained by a combination of lower Proforma EBITDA
(US$ 346 million lower y/y), higher capex (US$ 265 million higher y/y) and positive working capital (US$ 729 million higher y/y).</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">In
the quarter, the positive working capital variation is largely explained by the strong cash collection from 4Q23 sales and extension of
supplier payment terms, which were partially offset by inventory build-up after its consumption in the last quarter.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">In
1Q24, Vale&rsquo;s cash generation and position was primarily used to distribute US$ 2.328 billion to shareholders in dividends and the
repurchase of US$ 275 million in shares.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Free
Cash Flow &ndash; US$ million, 1Q24</B></P>

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-top: 12pt; margin-bottom: 0; letter-spacing: -0.1pt; text-align: center"><IMG SRC="image_008.jpg" ALT=""><B></B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P>


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<P STYLE="color: #007E7A; font: 20pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: 20pt Vale Sans,sans-serif; margin: 0">Debt</P>

<P STYLE="color: #747678; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Gross debt&sup1;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>13,248</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>11,464</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>16%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>12,471</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lease (IFRS 16)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,426</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,520</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,452</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Gross debt and leases</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>14,674</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>12,984</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>13%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>13,923</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash, cash equivalents and short-term investments&sup2;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4,569)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4,758)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4,363)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>10,105</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,226</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>23%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,560</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Currency swaps&sup3;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(589)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(421)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">40%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(664)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Brumadinho provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,894</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,358</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,060</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Samarco &amp; Renova Foundation provisions<SUP>4</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,978</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,196</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4,208</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Expanded net debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>16,388</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>14,359</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>14%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>16,164</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Average debt maturity (years)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cost of debt after hedge (% pa)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Total debt and leases / adjusted LTM EBITDA (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net debt / adjusted LTM EBITDA (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Adjusted LTM EBITDA / LTM gross interest (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Does
    not include leases (IFRS 16).</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; Includes
    US$ 735 million related to non-current assets held for sale in 1Q24.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup3; Includes
    interest rate swaps.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>4</SUP>
    Does not include provision for de-characterization of Germano dam in the amount of US$ 212 million in 1Q24, US$ 219 million in 4Q23 and
    US$ 203 million in 1Q23.</P></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 8pt 0; letter-spacing: -0.1pt; text-align: justify">Gross
debt and leases reached US$ 14.7 billion as of March 31<SUP>st</SUP>, 2024, US$ 751 million higher q/q, mainly as a result of new loans
raised by Vale Base Metals Ltd. and Vale S.A., within our liability management plan.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 8pt 0; letter-spacing: -0.1pt; text-align: justify">Expanded
net debt increased by US$ 224 million q/q, totaling US$ 16.4 billion. Vale&rsquo;s expanded net debt target remains at US$ 10-20 billion.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 8pt 0; letter-spacing: -0.1pt; text-align: justify">The
average debt maturity declined slightly to 7.5 years (compared to 7.9 years at the end of 4Q23). The average annual cost of debt after
currency and interest rate swaps was 5.7%, relatively flat q/q.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 8pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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<P STYLE="color: #007E7A; font: 20pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: 20pt Arial, Helvetica, Sans-Serif; margin: 0">Performance of the business segments</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Proforma
Adjusted EBITDA, by business area</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,459</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,458</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,578</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-47%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,507</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,696</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,535</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-55%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">882</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">692</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">936</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other Ferrous Minerals</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">70</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">70</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">107</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-35%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Energy Transition Metals&sup1;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>257</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>573</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-55%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>529</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-51%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">328</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-95%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">152</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-89%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">284</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">220</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">29%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">375</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-24%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(44)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Others<SUP>2,3</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(237)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(206)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(257)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,479</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,825</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,850</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-49%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: #747678; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Includes
    an adjustment of US$ 67 million in 1Q24, US$ 35 million in 1Q23 and US$ 82 million in 4Q23, to reflect the performance of the streaming
    transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the
    adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027.</P>
    <P STYLE="color: #747678; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; Including
    a negative y/y effect of provisions related to communities&rsquo; programs, reversal of tax credit provisions, and contingency loss.</P>
    <P STYLE="color: #747678; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>3 </SUP>Includes
    US$ 47 million in unallocated expenses from Vale Base Metals Ltd (&quot;VBM&quot;) in 1Q24. Considering the unallocated expenses, VBM&rsquo;s
    EBITDA was US$ 210 million in 1Q24.</P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Segment
information 1Q24</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>&nbsp;</I></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>&nbsp;</I></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Expenses</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Net operating revenues</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Cost&sup1;</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>SG&amp;A and others&sup1;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>R&amp;D&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Pre operating &amp; stoppage&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Associates &amp; JVs EBITDA</B></FONT></TD>
    <TD STYLE="background-color: #005250; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron Ore Solutions</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;7,025 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(3,552)</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(64)</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(83)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(64)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;197 </B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;3,459 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore fines</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;5,292 </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(2,703)</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(49)</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(70)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(51)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;88 </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,507 </FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,585 </FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(739)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;6 </FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(5)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;36 </FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;882 </FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Other ferrous</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;148 </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(110)</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(21)</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(12)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(8)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;73 </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;70 </FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Energy Transition Metals</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;1,434 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(1,137)</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;6 </B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(51)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(1)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;6 </B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;257 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Nickel&sup2;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;836 </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(773)</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(24)</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(21)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;17 </FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Copper<B><SUP>3</SUP></B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;639 </FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(329)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(3)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(23)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;284 </FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Other Energy Transition Metals<SUP>4</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(41)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(35)</FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;33 </FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(7)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;6 </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(44)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.55pt 2pt; background-color: #F3F3F3">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><B>Brumadinho and
    </B></P>
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><B>de-characterization
    of dams</B></P></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(41)</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(41)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Others<SUP>5</SUP></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(214)</B></FONT></TD>
    <TD STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(22)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(1)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(237)</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;8,459 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(4,689)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(313)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(156)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(66)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;203 </B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;3,438 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="12" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Excluding
    depreciation, depletion and amortization.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; Including
    copper and by-products from our nickel operations.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup3; Including
    by-products from our copper operations.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>4</SUP>
    Includes an adjustment of US$ 67 million increasing the adjusted EBITDA in 1Q24, to reflect the performance of the streaming transactions
    at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA
    of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>5</SUP>
    Includes US$ 47 million in unallocated expenses from Vale Base Metals Ltd (&quot;VBM&quot;) in 1Q24. Considering the unallocated expenses,
    VBM&rsquo;s EBITDA was US$ 210 million in 1Q24.</P></TD></TR>
  <TR>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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<P STYLE="color: #007E7A; font: 20pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: 20pt Arial, Helvetica, Sans-Serif; margin: 0">Iron Ore Solutions</P>

<P STYLE="color: #747678; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>Selected
financial indicators - Iron Ore Solutions</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 8%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net Revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6,411</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11,030</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-36%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Costs&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3,552)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2,918)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4,568)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-22%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">SG&amp;A and Other expenses&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(64)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">56%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">87</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(64)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(89)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-28%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(80)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-20%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">R&amp;D expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(83)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(43)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">93%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(104)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-20%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">EBITDA associates &amp; JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">197</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">138</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">43%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">213</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,459</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,458</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,578</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-47%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(481)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(403)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(549)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,978</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,055</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,029</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-51%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBIT margin (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>42.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>47.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5.3 p.p.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>54.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12.3 p.p.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Net of depreciation and amortization.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B><BR>
Iron Ore Solutions EBITDA Variation 1Q24 vs. 1Q23</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Drivers</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #005250; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 28%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: white 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Prices</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #005250; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,696 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;424 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(521)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(92)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(189)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,507 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;692 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;94 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;67 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;29 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;190 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;882 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;70 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;33 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(39)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;70 </FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;3,458 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;524 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(421)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(102)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;3,459 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt">Iron
Ore Solutions EBITDA of US$ 3.459 billion was flat y/y, explained by an 8.2 Mt increase in iron ore sales volumes (US$ 524 million), which
was offset by lower iron ore fines realized prices (US$ 521 million) and a negative </FONT>effect of higher spot freight rates and exchange
rate on costs (included in &ldquo;Others&rdquo; &ndash; US$ 102 million negative in the table above).</P>

<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Revenues</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>Iron
Ore Solutions' volumes, prices, premiums and revenues</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Volume sold ('000 metric tons)</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Iron ore fines</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>52,546</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>45,861</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">15%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>77,885</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-33%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">IOCJ</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">9,453</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">11,215</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-16%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">13,074</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-28%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">BRBF</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">25,715</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">20,345</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">26%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">45,199</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-43%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pellet feed - China (PFC1)<FONT STYLE="color: #7F7F7F"><SUP>1</SUP></FONT></FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">2,536</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">2,632</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-4%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3,279</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-23%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lump</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1,809</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1,394</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">30%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1,871</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">High-silica products</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8,490</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">5,536</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">53%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8,646</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other fines (60-62% Fe)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4,543</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4,739</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-4%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">5,816</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-22%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>ROM</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,056</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1,665</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">23%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,158</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Pellets</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>9,225</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>8,133</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">13%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>10,285</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Share of premium products<SUP>2</SUP> (%)</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>74%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>76%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-right: 1.4pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-2 p.p. </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>80%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-right: 1.4pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-6 p.p.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Average prices (US$/t)</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">&nbsp;&nbsp;&nbsp;Iron ore - 62% Fe price </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">123.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">125.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-2%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">128.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore - 62% Fe low alumina index</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">124.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">128.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-4%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">128.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore - 65% Fe index</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">135.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">140.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-3%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">138.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Provisional price at the end of the quarter</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">102.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">126.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">139.1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-27%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore fines Vale CFR reference (dmt)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">111.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">121.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">131.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-15%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore fines Vale CFR/FOB realized price</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">100.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">108.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">118.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-15%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #DBEDED 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Pellets CFR/FOB (wmt)</FONT></TD>
    <TD STYLE="border-bottom: #DBEDED 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">171.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">162.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">163.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">5%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Iron ore fines and pellets quality premium (US$/t)</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore fines quality premium / (discount)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1.1)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">45%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Pellets weighted average contribution</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">41%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Total (all-in premium)</FONT></TD>
    <TD STYLE="border-right: #DBEDED 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">2.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">38%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Net operating revenue by product (US$ million)</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore fines</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">5,292</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4,982</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,212</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-43%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;ROM</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">27</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">26</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1,585</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1,322</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">20%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,680</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">121</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">81</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">49%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">109</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>7,025</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,411</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">10%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>11,030</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-36%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.55pt 2pt">
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>1 </SUP>Products
    concentrated in Chinese facilities.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>2 </SUP>Pellets,
    Caraj&aacute;s (IOCJ), Brazilian Blend Fines (BRBF) and pellet feed.</P></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The all-in premium was US$ 2.2/t,
slightly higher q/q and y/y. Given market conditions with a lower price spread for low-grade materials, Vale continued to prioritize the
sale of blended and high-silica products in order to maximize its product portfolio value. As a result, the share of premium products
in total sales reached 74% in Q1.</P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: 14pt/130% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Iron
ore fines, excluding Pellets and ROM</B></FONT></P>

<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Revenues
&amp; price realization</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>Price
realization iron ore fines &ndash; US$/t, 1Q24</B></P>

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-top: 12pt; margin-bottom: 12pt; letter-spacing: -0.1pt; text-align: center"><IMG SRC="image_009.jpg" ALT=""></P>

<P STYLE="color: #747678; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">Average
realized iron ore fines price was US$ 100.7/t, US$ 17.6/t lower q/q, mainly due to: (i) the negative effect of pricing system adjustments
(US$ 14.5 lower q/q), mostly related to <FONT STYLE="font-size: 9.5pt; line-height: 130%">provisional prices in the current quarter, with
</FONT>12<FONT STYLE="font-size: 9.5pt; line-height: 130%">.9 Mt of sales booked at an average forward price that was lower than the quarter&rsquo;s
average price, and (ii) lower average reference price (US$ 4.7 lower q/q).</FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>Iron
Ore fines pricing system breakdown (%)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 58%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lagged</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Current</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">61</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">62</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">50</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Provisional</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">38</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: bold 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0.25in 0 10pt; text-transform: uppercase"><FONT STYLE="text-transform: none">Costs</FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>Iron
ore fines cash cost and freight</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Costs (US$ million)</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale&rsquo;s iron ore fines C1 cash cost (A)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,446</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,222</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,924</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-25%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Third-party purchase costs&sup1; (B)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">347</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">222</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">56%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">468</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-26%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale&rsquo;s C1 cash cost ex-third-party volumes (C = A &ndash; B)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,100</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,000</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,456</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-24%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Sales Volumes (Mt)</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Volume sold (ex-ROM) (D)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">52.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">45.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">77.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-33%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Volume sold from third-party purchases (E)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">61%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-28%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Volume sold from own operations (F = D &ndash; E)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">46.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">42.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">70.1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-33%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron ore fines cash cost (ex-ROM, ex-royalties), FOB (US$ /t)</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale&rsquo;s C1 cash cost ex-third-party purchase cost (C/F)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Average third-party purchase C1 cash cost (B/E)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">61.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">62.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">59.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale's iron ore cash cost (A/D)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">26.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Freight</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Maritime freight costs (G)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">860</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">622</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">38%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,258</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-32%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">% of CFR sales (H)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">85%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">76%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9 p.p.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">86%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1 p.p.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Volume CFR (Mt) (I = D x H)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">44.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">34.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">66.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-33%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale's iron ore unit freight cost (US$/t) (G/I)</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt">&sup1; Includes logistics costs related to third-party purchases</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>Iron
ore fines COGS - 1Q24 vs. 1Q23</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Drivers</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #005250; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 28%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: white 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Exchange rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #005250; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">C1 cash costs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,222 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;186 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;33 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;224 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,446 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Freight</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;622 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;170 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;68 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;238 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;860 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Distribution costs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;147 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;21 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(40)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;128 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Royalties &amp; others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;206 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;30 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;33 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;63 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;269 </FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total costs before depreciation and amortization</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;2,197 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;407 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;33 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;66 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;506 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;2,703 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;245 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;38 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;48 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;293 </FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;2,442 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;445 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;39 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;70 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;554 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;2,996 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>C1
cash cost variation (excluding 3rd party purchases) &ndash; US$/t, 1Q24 vs. 1Q23</B></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; color: #7F7F83; margin-top: 12pt; margin-bottom: 2pt; text-align: center"><IMG SRC="image_010.jpg" ALT=""></P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><BR>
Despite the negative impact of the BRL appreciation, Vale&rsquo;s C1 cash cost, ex-third-party purchases, was slightly lower y/y, reaching
US$ 23.5/t. The main cost drivers were: (i) lower demurrage costs as a result of improved shipping and more efficient planning of port
loading during the rainy season and (ii) higher production volumes, leading to fixed cost dilution.</P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Vale's maritime freight cost
averaged US$ 19.3/t, US$ 6.4/t lower than the Brazil-China C3 route average in Q1. The US$ 0.5/t sequential increase in Vale&rsquo;s freight
cost is largely explained by higher spot affreightment rates (US$ 0.6/t higher q/q). CFR sales totaled 44.5 Mt in Q1, representing 85%
of total iron ore fines sales.</P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Expenses</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>Expenses
- Iron Ore fines</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ millions</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">SG&amp;A</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">R&amp;D</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">70</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">79%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">90</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-22%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">51</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">79</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-35%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">67</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-24%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other expenses</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">35</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">150%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(112)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>170</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>147</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>16%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>62</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>174%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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<P STYLE="color: #007E7A; font: 13pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #007E7A; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0">Iron ore pellets</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>Pellets
&ndash; EBITDA</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 41%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #005250 1pt solid; background-color: #005250; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 29%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net revenues / Realized prices</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,585 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,322 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,680 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-6%</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Realized prices averaged US$171.9/t in Q1 driven by rising contractual premiums; and (ii) higher average benchmark prices. </FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Leased pelletizing plants EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">44%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash costs (Iron ore, leasing, freight, overhead, energy and other)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(739)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(648)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(768)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">FOB sales were 62% of total sales</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operational &amp; stoppage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Expenses (Selling, R&amp;D and other)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>882 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>692 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>27%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>936 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>EBITDA/t</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>96</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>85</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>12%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>91</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0">Iron ore fines and pellets cash break-even
landed in China<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt; line-height: 150%"><B><SUP>[5]</SUP></B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><B>Iron
ore fines and pellets cash break-even landed in China (&ldquo;all-in costs&rdquo;)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$/t</I></FONT></TD>
    <TD STYLE="background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Vale's C1 cash cost ex-third-party purchase cost</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">23.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">23.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-1%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">20.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Third party purchases cost adjustments</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3.1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">32%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale's iron ore cash cost (ex-ROM, ex-royalties), FOB (US$ /t)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">26.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines freight cost (ex-bunker oil hedge)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines distribution cost</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-24%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines expenses<SUP>1</SUP> &amp; royalties</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">52%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines moisture adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines quality adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">45%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD5">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron ore fines EBITDA break-even (US$/dmt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>62.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>60.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>55.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>13%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines pellet adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD5">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron ore fines and pellets EBITDA break-even (US$/dmt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>58.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>56.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>52.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>12%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines sustaining investments</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD5">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron ore fines and pellets cash break-even landed in China (US$/dmt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>69.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>65.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>63.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>11%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="vertical-align: top; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Net of depreciation and includes dividends received. Including stoppage expenses.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt; line-height: 150%"><SUP>[5]</SUP></FONT>
<FONT STYLE="letter-spacing: 0pt">Measured by unit cost + expenses + sustaining investment adjusted for quality. Does not include the
impact from the iron ore fines and pellets pricing system mechanism.</FONT></P>




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<P STYLE="color: #007E7A; font: 20pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: 20pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">Energy
Transition Metals</FONT></P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-top: 6pt; padding-right: -1.15pt; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">As previously outlined in the Adjusted EBITDA chapter, additional changes to the reporting practices for the Energy Transition Metals (ETM) segment, effective from the first quarter of 2024 (1Q24), were implemented, please see &ldquo;Annexes&rdquo; for detailed information.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Energy
Transition Metals EBITDA overview &ndash; 1Q24</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 16%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Sudbury</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Voisey&rsquo;s Bay &amp; Long Harbour</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>PTVI (site)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Standalone Refineries</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>On&ccedil;a Puma</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Sossego</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Salobo</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #747678 1pt solid; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Copper &amp; Nickel</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Other ETM&sup1;</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #747678 1pt solid; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total Energy Transition Metals</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net Revenues</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">477</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">146</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">230</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">228</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">112</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">502</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(220)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,475</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,434</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Costs</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(397)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(172)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(170)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(234)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(91)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(238)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">240</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,102)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(35)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,137)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Selling and other expenses</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">R&amp;D</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(20)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(44)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(51)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">associates and JVs EBITDA</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>63</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>(34)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>58</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>(6)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>(46)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>17</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>260</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>(11)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>301</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>(44)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>257</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="12" STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Includes an adjustment of US$ 67 million increasing the adjusted EBITDA in 1Q24, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 13pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Nickel
</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Selected
financial indicators</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net Revenues</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">836</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,321</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-37%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,177</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-29%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Costs&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(773)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(949)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(980)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-21%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Selling and other expenses&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(17)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">167%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">R&amp;D expenses</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(21)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-22%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(35)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-40%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">328</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-95%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">152</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-89%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(184)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(203)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(236)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-22%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Adjusted EBIT</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(167)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">125</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(84)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">98%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Adjusted EBIT margin (%)</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-20.0%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9.5%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">29.5 p.p.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7.2%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12.8 p.p.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Net of depreciation and amortization.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>EBITDA
variation &ndash; US$ million (1Q24 vs. 1Q23)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #F3F3F3 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Drivers</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #005250; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 23%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 11%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 11%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Prices</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>By-products</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 11%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total variation</B></FONT></TD>
    <TD STYLE="width: 11%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">328</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(278)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(33)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(311)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Includes variations of (i) US$ 14 million in PPA; (ii) negative US$ 35 million in inventory write-down and (iii) positive US$ 33 million in others.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">EBITDA
decreased 95% y/y largely explained by a 33% decrease in nickel realized prices (negative US$ 278 million), and the negative effects of
inventory write-down (negative US$ 35 million &ndash; included in &ldquo;Others&rdquo; in the table above) and </FONT><FONT STYLE="line-height: 150%">maintenance
and other fixed costs incurred at On&ccedil;a Puma in the quarter</FONT><FONT STYLE="letter-spacing: 0pt">, as the operations were halted
for the furnace rebuild (US$ 39 million &ndash; included in &ldquo;Others&rdquo; above).</FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>EBITDA
by operations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; background-color: #005250; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 41%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24 vs. 1Q23 Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Sudbury&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">63 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">206 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-69%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">88 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-29%</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower nickel prices partially offset by lower costs.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Voisey&rsquo;s Bay &amp; Long Harbour</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower nickel prices partially offset by lower costs.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Standalone Refineries&sup2;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">47 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-68%</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower nickel prices partially offset by lower costs.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PTVI</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">58 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">173 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-66%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">100 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-42%</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower nickel prices partially offset by lower costs.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(46)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">92%</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Higher maintenance costs and lower sales volumes due to the furnace rebuild works.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others&sup2;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(142)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-87%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>328 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-95%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>152 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-89%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Includes
    the Thompson operations.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; Comprises
    the sales results for Clydach and Matsusaka refineries.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup3; Includes
    intercompany eliminations, unrealized provisional price adjustments and inventory write-down. Hedge results have been relocated to each
    nickel business operation.</P></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Revenues
&amp; price realization</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Sales
volumes, revenues &amp; price realization</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Volume sold (&lsquo;000 metric tons)</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">40</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">48</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-31%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold as by-product (&lsquo;000 oz)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver as by-product (&lsquo;000 oz)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">245</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">236</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">227</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PGMs (&lsquo;000 oz)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">73</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">74</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">59</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F3F3F3 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cobalt (metric ton)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">465</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">621</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-25%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">492</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Average realized prices (US$/t)</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16,848</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25,260</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-33%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18,420</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,482</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,928</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-16%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,602</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold (US$/oz)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,051</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,915</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,065</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver (US$/oz)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cobalt</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30,500</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">32,830</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">35,438</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-14%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Net revenue by product (US$ million)</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">558</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,013</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-45%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">888</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-37%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">153</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">174</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">162</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-6%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold as by-product&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver as by-product </FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PGMs</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">68</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">75</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-9%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">71</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cobalt&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">20</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-30%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">18</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-22%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">12</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-17%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">11%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>833</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>1,321</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>-37%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>1,177</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>-29%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PPA adjustments&sup2;</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">n.a.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Net revenue after PPA adjustments</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>836</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>1,321</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>-37%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>1,177</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>-29%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Revenues
    presented above were adjusted to reflect the market prices of products delivered related to the streaming transactions.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; PPA
    adjustments started to be disclosed separately in 1Q24.</P></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Breakdown
of nickel volumes sold, realized price and premium</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Volumes (kt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Upper Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">20.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">23.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">25.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-19%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">- of which: EV Battery</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-50%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">0.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">33%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Lower Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">3.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">4.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">7.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-51%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Class II nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">4.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">8.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-46%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">9.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-56%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Intermediates</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">4.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">4.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">5.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-17%</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>33.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>40.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>-18%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>47.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>-31%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Nickel realized price (US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">LME average nickel price</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">16,589</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">25,983</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-36%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">17,247</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Average nickel realized price</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">16,848</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">25,260</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-33%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">18,420</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-9%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Contribution to the nickel realized price by category:</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Nickel average aggregate (premium/discount)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">515</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(60)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">215</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">140%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Other timing and pricing adjustments contributions&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(256)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(663)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-61%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">958</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-127%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Premium/discount by product (US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Upper Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1,210</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1,550</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-22%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1,430</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-15%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Lower Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">650</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1,340</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-51%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">980</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-34%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Class II nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">750</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(2,770)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(1,690)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Intermediates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(3,060)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">5,560</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(3,100)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-1%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Comprises
    (i) the realized quotational period effects (based on sales distribution in the prior three months, as well as the differences between
    the LME price at the moment of sale and the LME average price), with a negative impact of US$ 405/t and (ii) fixed-price sales, with a
    positive impact of US$ 150/t.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">Note: The hedge
    position was completely settled by December 2023.</P></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">The
average realized nickel price was US$ 16,848/t, down 33% y/y, mainly due to 36% lower LME nickel average price (from US$ 25,983/t to US$
16,589/t). On a sequential basis, the realized nickel price was down 8.5% mainly as a result of 3.8% lower LME prices (from US$ 17,247/t
to US$ 16,589/t). In 1Q24, the average realized nickel price was 1.6% higher than the LME average, mainly due to the 73% share of Class
I products in the mix, with average US$ 1,129/t premiums.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Product
type by operation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 20%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>% of sales</I></FONT></TD>
    <TD STYLE="width: 14%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>North Atlantic&sup1;</B></FONT></TD>
    <TD STYLE="width: 11%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Matsusaka</B></FONT></TD>
    <TD STYLE="width: 9%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>PTVI</B></FONT></TD>
    <TD STYLE="width: 10%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>On&ccedil;a Puma</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #005E5B; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total 1Q24</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total 1Q23</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total 4Q23</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Upper Class I</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">84.0</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">62.7</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">59.5</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">53.4</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower Class I</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">14.0</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">10.5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">10.1</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">14.9</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Class II</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1.4</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">98.4</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">100</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">13.4</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">20.3</FONT></TD>
    <TD STYLE="background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">20.6</FONT></TD></TR>

<TR>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Intermediates</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">0.7</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1.6</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">100</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; background-color: #C6ECE5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">13.5</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">10.1</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; background-color: #F2F2F2; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">11.2</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt">&sup1; Comprises Sudbury, Clydach and Long Harbour refineries</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Costs
</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Nickel
COGS &ndash; 1Q24 vs. 1Q23</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #F3F3F3 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Drivers</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #005250; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 28%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Exchange rate</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total variation</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel operations</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">949</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(165)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(176)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">773</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">203</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(20)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">183</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,152</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(199)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(196)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>956</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Unit
cash cost of sales by operation, net of by-product credits</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 18%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$/t</I></FONT></TD>
    <TD STYLE="width: 10%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 10%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 10%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 10%; border-left: #747678 1pt solid; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 32%; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24 vs. 1Q23 Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Sudbury&sup1;,&sup2;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10,638</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14,321</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-26%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12,891</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-17%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Higher availability of own source feed: lower purchase costs </FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Voisey&rsquo;s Bay &amp; Long Harbour&sup2;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21,323</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23,593</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21,656</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower third-party purchase costs.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Standalone refineries&sup2;<SUP>,</SUP>&sup3;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18,617</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20,499</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19,509</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower matte prices and higher fixed cost dilution.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PTVI<SUP>4</SUP></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,371</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11,030</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,116</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower maintenance costs and higher fixed cost dilution.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12,284</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17,430</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">No production and sale in the quarter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Sudbury
    costs include Thompson costs.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; A
    large portion of Sudbury, Clydach, Matsusaka and Long Harbour finished nickel production is derived from intercompany transfers, as well
    as from the purchase of ore or nickel intermediates from third parties. These transactions are valued at fair market value.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup3; Comprises
    the unit cash costs for Clydach and Matsusaka refineries.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><SUP>4</SUP>
    Refers to nickel matte production cost.</P></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>EBITDA
break-even (&ldquo;all-in costs&rdquo;)</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>EBITDA
break-even</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$/t</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">COGS ex. 3<SUP>rd</SUP>-party feed</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22,418</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22,434</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19,329</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">COGS&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22,291</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23,653</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-6%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20,320</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">By-product revenues&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(8,304)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(7,687)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6,003)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">38%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">COGS after by-product revenues</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13,987</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15,966</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14,317</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other expenses&sup2;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,306</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,117</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">919</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">42%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total Costs</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15,293</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17,083</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-10%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15,236</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel average aggregate (premium) discount</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(515)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">60</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(215)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">140%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>EBITDA breakeven&sup3;</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>14,778</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17,143</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-14%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15,021</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Excluding
    marketing activities and inventory write-down.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; Includes
    R&amp;D associated to operational sites, sales expenses and pre-operating &amp; stoppage.</P>
    <P STYLE="color: #747678; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="color: #7F7F7F">&sup3;
    Considering only the cash effect of streaming transactions, nickel operations EBITDA break-even would increase to US$ </FONT><FONT STYLE="color: gray">15,108/t
    in 1Q24.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0 12pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0 12pt; letter-spacing: -0.1pt; text-align: justify">Unit
COGS, excluding 3rd-party feed purchases, was flat y/y as higher own source production volumes were offset by the negative impact of the
On&ccedil;a Puma furnace rebuild.</P>

<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0 12pt; letter-spacing: -0.1pt; text-align: justify">All-in
costs have decreased by 14% y/y, primarily due to: (i) lower 3rd-party feed purchase costs driven by lower nickel prices; (ii) higher
unit by-products driven by copper to nickel sales ratio; and (iii) nickel aggregate price premium.</P>


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<P STYLE="color: #007E7A; font: 13pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #007E7A; font: 13pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Copper
</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Selected
financial indicators - Copper operations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net Revenues</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">639</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">524</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">855</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-25%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Costs&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(329)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(270)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(427)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-23%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Selling and other expenses&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-50%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-67%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">R&amp;D expenses</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(25)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(43)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-47%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>284</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>220</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>29%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>375</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-24%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-29%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>244</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>183</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>33%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>319</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-24%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Adjusted EBIT margin (%)</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">38.2%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">34.9%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3.3 p.p.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">37.3%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.9 p.p.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Net of depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>EBITDA
variation - US$ million (1Q24 vs. 1Q23)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #F3F3F3 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Drivers</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #005250; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 16%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Prices</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>By-products</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total variation</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">220</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(98)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">66</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">55</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">64</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">284</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Includes
    variations of (i) positive US$ 24 million in PPA, (iii) positive US$ 40 million in costs and expenses and (iii) negative US$ 9 million
    in currency variation.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">EBITDA
increased 29% y/y largely explained by the increase in copper and by-products sales volumes attributed to the ramp-up of Salobo 3 and
better operational performance at Salobo 1 &amp; 2. </FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>EBITDA
by operation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: #005250; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 31%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24 vs. 1Q23 Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Salobo</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">261 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">186 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">40%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">326 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-20%</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Higher sales volumes.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Sossego</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">52 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-67%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">79 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-78%</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower copper realized prices.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others copper&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(30)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>284 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>220 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>29%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>375 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-24%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Includes US$ 18 million in R&amp;D expenses related to the Hu&rsquo;u project in 1Q24 and the unrealized provisional price adjustments.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Revenues
&amp; price realization</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Sales
volumes, revenues &amp; price realization</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Volume sold (&lsquo;000 metric tons)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Copper</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">56</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">43</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">31%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">76</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-26%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Gold as by-product (&lsquo;000 oz)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">85</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">61</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">114</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-26%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Silver as by-product (&lsquo;000 oz)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">188</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F2F2F2 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">170</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">286</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-34%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Average prices (US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Average LME copper price</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,438</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,927</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,159</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Average copper realized price</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,687</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,465</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,941</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold (US$/oz)&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,083</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,832</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,131</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver (US$/oz)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net revenue (US$ million)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">434</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">409</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">605</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-28%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold as by-product&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">176</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">111</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">59%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">243</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-27%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver as by-product</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-43%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>615</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>524</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>855</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-28%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PPA adjustments&sup2;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net revenue after PPA adjustments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>639</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>524</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>22%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>855</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-25%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="6" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: #747678; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Revenues
    presented above were adjusted to reflect the market prices of products delivered related to the streaming transactions.</P>
    <P STYLE="color: #747678; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; PPA
    adjustments to be disclosed separately from 1Q24 onwards.On March 31st, 2024, Vale had provisionally priced copper sales from Sossego
    and Salobo totaling 26,876 tons valued at weighted average LME forward price of US$ 8,773/t, subject to final pricing over the following
    months.</P></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Price
realization &ndash; copper operations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">US$/t</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Average LME copper price</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,438</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,927</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,159</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Current period price adjustments&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(20)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">228</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">546</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F3F3F3 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper gross realized price</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,418</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,155</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,705</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Prior period price adjustments&sup2;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(210)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">829</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(201)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F3F3F3 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Copper realized price before discounts</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,208</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,983</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-18%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,504</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">TC/RCs, penalties, premiums and discounts&sup3;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(522)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(518)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(563)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Average copper realized price</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,687</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,465</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-19%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,941</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">Note: Vale's
    copper products are sold on a provisional pricing basis , with final prices determined in a future period. The average copper realized
    price excludes the mark-to-market of open invoices based on the copper price forward curve (unrealized provisional price adjustments)
    and includes the prior and current period price adjustments (realized provisional price adjustments).</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Current-period
    price adjustments: Final invoices that were provisionally priced and settled within the quarter.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; Prior-period
    price adjustment: Final invoices of sales provisionally priced in prior quarters.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup3; TC/RCs,
    penalties, premiums, and discounts for intermediate products.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">The
average realized copper price was down 19% y/y and 3% q/q mainly due to the positive impact of PPA in 1Q23 and 4Q23, respectively.</P>

<P STYLE="color: #0ABB98; font: 12pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B><BR>
Costs </B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>COGS
- 1Q24 vs. 1Q23</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #F3F3F3 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Drivers</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #005250; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 28%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Exchange rate</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total variation</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper operations</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">270</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">82</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">59</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">329</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">35</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">40</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>305</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>92</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(37)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>64</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>369</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Copper
operations &ndash; unit cash cost of sales, net of by-product credits</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 27%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$/t</I></FONT></TD>
    <TD STYLE="width: 7%; background-color: #005250; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 38%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24 vs. 1Q23 Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Salobo</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,738 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,856 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-39%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,783 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD>
    <TD STYLE="background-color: white; padding-left: 11pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Higher fixed costs dilution and higher unit by-products revenues.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Sossego</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #DBEDED; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,844 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,233 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,822 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">53%</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-left: 11pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower fixed cost dilution and higher maintenance costs.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 2pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #0ABB98; font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 2pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>EBITDA
break-even (&ldquo;all-in costs&rdquo;)</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$/t</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">COGS</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,829</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6,256</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,613</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">By-product revenues</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3,207)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2,664)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3,269)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>COGS after by-product revenues</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,622</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,592</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-27%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,344</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>12%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other expenses&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">149</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">354</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-58%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">305</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-51%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total costs</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,771</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,946</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-30%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,649</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">TC/RCs penalties, premiums and discounts</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">522</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">518</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">563</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>EBITDA breakeven&sup2;<SUP>,</SUP>&sup3;</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,293</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,464</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-26%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,212</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Includes
    sales expenses, R&amp;D associated with Salobo and Sossego, pre-operating and stoppage expenses and other expenses. From 1Q24 onwards,
    excludes Hu'u &ndash; historical figures were restated to reflect this change.</P>
    <P STYLE="color: #747678; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="color: #7F7F7F">&sup2;
    Considering only the cash effect of streaming transactions, copper operations EBITDA break-even would increase to </FONT><FONT STYLE="color: gray">US$
    4,937/t.</FONT></P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup3; The
    realized price to be compared to the EBITDA break-even should be the copper realized price before discounts (US$ 8,208/t), given that
    TC/RCs, penalties, and other discounts are already part of the EBITDA break-even build-up.</P></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0 12pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0 12pt; letter-spacing: -0.1pt; text-align: justify">Unit
COGS have decreased by 7% y/y mainly reflecting lower unit costs at Salobo.</P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">All-in
costs have decreased by 26%, primarily due to: (i) decrease in unit COGS; and (ii) higher unit by-products revenues, reflecting a higher
proportion of Salobo copper concentrates sales in the mix.</P>

<P STYLE="color: #747678; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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<P STYLE="color: #747678; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; font-size: 11pt; color: gray; line-height: 130%"><FONT STYLE="text-transform: uppercase"><B>Webcast Information</B></FONT></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 150%">Vale
will host a webcast on Thursday April 25</FONT><SUP>th</SUP><FONT STYLE="font-size: 11pt; line-height: 150%">, 2024, at 11:00 a.m. Brasilia
time (10:00 a.m. New York time; 3:00 p.m. London time). Internet access to the webcast and presentation materials will be available on
Vale website at www.vale.com/investors. A webcast replay will be accessible at www.vale.com beginning shortly after the completion of
the call. </FONT></P>

<P STYLE="color: gray; font: 11pt/130% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="color: gray; font: 11pt/130% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><B>Further information
on Vale can be found at: vale.com</B></P>

<P STYLE="color: gray; font: 11pt/130% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="color: teal; font: 11pt/130% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><B>Investor
Relations</B></P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: left">Vale.RI@vale.com</P>

<P STYLE="color: #747678; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="color: gray">Thiago
Lofiego: </FONT><FONT STYLE="color: #747678">thiago.lofiego@vale.com</FONT></P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">Luciana Oliveti:
luciana.oliveti@vale.com</P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">Mariana Rocha:
mariana.rocha@vale.com</P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">Patricia Tinoco:
patricia.tinoco@vale.com</P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">Pedro Terra:
pedro.terra@vale.com</P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P>

<P STYLE="color: gray; font: 11pt/130% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: #999999 1pt solid; padding: 0.55pt 5.4pt; text-align: left; color: #747678; letter-spacing: -0.1pt; line-height: 130%"><FONT STYLE="font-size: 11pt; color: gray; line-height: 130%">&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #999999; font: 9pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">Except
where otherwise indicated, the operational and financial information in this release is based on the consolidated figures in accordance
with IFRS. Our quarterly financial statements are reviewed by the company&rsquo;s independent auditors. The main subsidiaries that are
consolidated are the following: Companhia Portu&aacute;ria da Ba&iacute;a de Sepetiba, Vale Mangan&ecirc;s S.A., Minera&ccedil;&otilde;es
Brasileiras Reunidas S.A., Salobo Metais S.A, Tecnored Desenvolvimento Tecnol&oacute;gico S.A., PT Vale Indonesia Tbk, Vale Holdings B.V,
Vale Canada Limited, Vale International S.A., Vale Malaysia Minerals Sdn. Bhd., Vale Oman Pelletizing Company LLC e Vale Oman Distribution
Center LLC.</P>

<P STYLE="color: #999999; font: 9pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">This press
release may include statements about Vale&rsquo;s current expectations about future events or results (forward-looking statements). Many
of those forward-looking statements can be identified by the use of forward-looking words such as &bdquo;anticipate,&rdquo; &bdquo;believe,&rdquo;
&bdquo;could,&rdquo; &bdquo;expect,&rdquo; &bdquo;should,&rdquo; &bdquo;plan,&rdquo; &bdquo;intend,&rdquo; &bdquo;estimate&rdquo; &ldquo;will&rdquo;
and &bdquo;potential,&rdquo; among others. All forward-looking statements involve various risks and uncertainties. Vale cannot guarantee
that these statements will prove correct. These risks and uncertainties include, among others, factors related to: (a) the countries where
Vale operates, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their
dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates.
Vale cautions you that actual results may differ materially from the plans, objectives, expectations, estimates and intentions expressed
in this presentation. Vale undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of
new information or future events or for any other reason. To obtain further information on factors that may lead to results different
from those forecast by Vale, please consult the reports that Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian
Comiss&atilde;o de Valores Mobili&aacute;rios (CVM) and, in particular, the factors discussed under &ldquo;Forward-Looking Statements&rdquo;
and &ldquo;Risk Factors&rdquo; in Vale&rsquo;s annual report on Form 20-F.</P>

<P STYLE="color: #999999; font: 9pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">The information
contained in this press release includes financial measures that are not prepared in accordance with IFRS. These non-IFRS measures differ
from the most directly comparable measures determined under IFRS, but we have not presented a reconciliation to the most directly comparable
IFRS measures, because the non-IFRS measures are forward-looking and a reconciliation cannot be prepared without unreasonable effort.</P>


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<P STYLE="color: #007E7A; font: 20pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: 20pt Vale Sans,sans-serif; margin: 0">Annexes</P>

<P STYLE="color: #007E7A; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0">Simplified financial statements</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>Income
Statement</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>8,459</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>8,434</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>0%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>13,054</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-35%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(5,367)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(4,949)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(6,891)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-22%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3,092</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3,485</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-11%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>6,163</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-50%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Gross margin (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">36.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">41.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-4.7 p.p.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">47.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-10.6 p.p.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Selling and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(140)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(118)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(146)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Research and development expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(156)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(139)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(231)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-32%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Pre-operating and operational stoppage</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(92)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(124)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-26%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(108)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-15%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Other operational expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(250)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(219)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(380)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-34%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Impairment reversal (impairment and disposals) of non-current assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">50%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(121)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-95%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,448</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,881</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-15%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>5,177</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-53%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">109</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">121</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">105</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Financial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(339)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(320)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(380)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Other financial items, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(207)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(331)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-37%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(599)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-65%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">124</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(55)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(1,152)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">n.a.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,135</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,296</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3,151</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-32%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Current tax</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(734)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(218)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">237%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(475)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">55%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Deferred tax</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">286</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(200)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(234)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">n.a.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1,687</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1,878</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,442</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-31%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-80%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-67%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1,679</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1,837</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-31%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1,687</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1,878</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,442</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-31%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Net income (Loss) attributable to Vale's to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-80%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-67%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1,679</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1,837</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-31%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Earnings per share (attributable to the Company's shareholders - US$):</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Basic and diluted earnings per share (attributable to the Company's shareholders - US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">0.39</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">0.41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">0.56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-30%</FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>Equity
income (loss) by business segment</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 28%; border-right: white 1pt solid; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 9%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="width: 9%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 9%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron Ore Solutions</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">58</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">89</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(96)</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">109</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">53</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">176%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">47</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-63%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>65</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(88)</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-174%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>40</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>63%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 24 -->
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<P STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>Balance
sheet</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>3/31/2024</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>3/31/2022</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #747678 1pt solid; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #747678 1pt solid; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>12/31/2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #747678 1pt solid; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;17,528 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;14,508 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>21%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;18,700 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,790 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;4,705 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,609 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Short term investments</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;44 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;53 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-17%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;51 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-14%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,233 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,687 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-17%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;4,197 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-47%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;420 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;381 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;271 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">55%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;5,195 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;4,992 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;4,684 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;840 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,345 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-38%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;900 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;672 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;611 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;364 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;345 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;444 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Non-current assets held for sale</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,970 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,933 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;13,446 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;14,785 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-9%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;13,587 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;669 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,255 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-47%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;798 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-16%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;336 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;393 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;593 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-43%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,384 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,143 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,374 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;9,699 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;10,799 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;9,565 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,358 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,195 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,257 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Fixed assets</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;60,703 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;58,254 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;61,899 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-2%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;91,677 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;87,547 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;94,186 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;15,676 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;12,977 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>21%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;14,655 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;5,546 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;4,464 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;5,272 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Loans, borrowings and leases</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,286 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;354 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">263%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;824 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">56%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;192 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;189 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;197 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,708 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,581 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,676 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Taxes payable</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,698 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;672 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">153%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,314 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">29%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;492 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;388 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;428 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Provisions for litigation</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;117 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;112 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;114 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;602 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;610 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;964 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-38%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;923 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,133 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-57%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;837 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,063 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,122 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,057 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,045 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;785 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,035 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Dividends payable</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;464 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;567 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;376 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Liabilities associated with non-current assets held for sale</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;540 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;561 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;36,988 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;35,689 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;38,550 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-4%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Loans, borrowings and leases</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;11,962 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;11,110 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;11,647 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,234 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,331 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,255 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Participative shareholders' debentures</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,621 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,846 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,874 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,043 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,805 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,373 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Settlement program (REFIS)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,515 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,856 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,723 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;848 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,379 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-39%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;870 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Provisions for litigation</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;885 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,244 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-29%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;885 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,288 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,304 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,381 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,267 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,266 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">158%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,590 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,831 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,236 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,003 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;6,261 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;6,462 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;6,694 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-6%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Streaming transactions</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,956 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,636 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,962 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;277 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;214 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">29%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;293 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;52,664 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;48,666 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;53,205 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-1%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;39,013 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;38,881 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>0%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;40,981 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-5%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total liabilities and shareholders' equity</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;91,677 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;87,547 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;94,186 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-3%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 25 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>Cash
flow</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash flow from operations</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,479</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,280</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5,591</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-20%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Interest on loans and borrowings paid</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(186)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(169)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(200)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash received on settlement of Derivatives, net</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">43</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">38</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">325</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-87%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Payments related to Brumadinho</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(135)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(124)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(417)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-68%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Payments related to de-characterization of dams</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(119)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(78)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">53%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(145)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Interest on participative shareholders debentures paid</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(106)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Income taxes (including settlement program) paid</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(506)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(337)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">50%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(259)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">95%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,576</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,610</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-1%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,789</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-25%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash flow from investing activities</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Short-term investment</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(44)</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(55)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-20%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">47</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-194%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Capital expenditures</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,395)</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,130)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2,118)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-34%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Additions to investment</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Payments related to Samarco dam failure</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(86)</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(77)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(128)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-33%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Dividends received from joint ventures and associates</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">99</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-97%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Payments from disposal of investments, net</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(67)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(72)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other investment activities, net</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-70%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(44)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,519)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(1,326)</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(2,227)</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-32%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Loans and financing:</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Loans and borrowings from third parties</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">870</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">300</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">190%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Payments of loans and borrowings from third parties</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(62)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(39)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">59%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(25)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">148%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Payments of leasing</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(47)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-13%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(94)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-56%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Payments to shareholders:</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Dividends and interest on capital paid to Vale's shareholders</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2,328)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,795)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2,040)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Dividends and interest on capital paid to noncontrolling interest</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(33)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Share buyback program</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(275)</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(763)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-64%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(44)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">525%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,836)</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(2,347)</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-22%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(2,236)</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-18%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>221</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(63)</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>n.a.</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>326</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-32%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash and cash equivalents in the beginning of the period</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,609</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4,736</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-24%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,967</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">32</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Effect of transfer to assets held for sale</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(703)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash and cash equivalents at the end of period</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,790</B></FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,705</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-19%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,609</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Non-cash transactions:</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Additions to property, plant and equipment - capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">0%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">25%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,135</B></FONT></TD>
    <TD STYLE="background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,296</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-7%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,151</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-32%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted for:</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Provisions (Review of estimates) related to Brumadinho</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">137</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Provision (Review of estimates) related tode-characterization of dams</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(61)</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">153</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(124)</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">55</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,152</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Impairment (impairment reversal) and results on disposal of non-current assets, net</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">50%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">121</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-95%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">714</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">656</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">855</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-16%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Financial results, net</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">437</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">530</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">874</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-50%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Change in assets and liabilities</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,935</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,686</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(832)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(626)</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(363)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">72%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">403</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">378</FONT></TD>
    <TD STYLE="text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(105)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(308)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(309)</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(479)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-35%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(115)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">169%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash flow from operations</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,479</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,280</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; border-left: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5,591</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-20%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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<P STYLE="color: #007E7A; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0">Reconciliation of IFRS and &ldquo;non-GAAP&rdquo;
information</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B><BR>
(a) Adjusted EBIT</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net operating revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,459</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,434</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13,054</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-35%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5,367)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4,949)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6,891)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-22%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Sales and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(140)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(118)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(146)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Research and development expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(156)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(139)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(231)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-32%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(92)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(124)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-26%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(108)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Brumadinho event and dam de-characterization of dams</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(111)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-63%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(396)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-90%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other operational expenses, net<FONT STYLE="color: #7F7F7F"><SUP>1</SUP></FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(142)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(73)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">95%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">98</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">203</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">138</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">47%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">219</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,724</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,058</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-11%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5,599</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-51%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Includes adjustment of US$ 67 million in 1Q24, US$ 35 million in 1Q23 and US$ 82 million in 4Q23, to reflect the performance of the streaming transactions at market price.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt"><B>(b) Adjusted EBITDA</B></TD>
    <TD STYLE="white-space: nowrap; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: #7F7F7F; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">EBITDA defines
    profit or loss before interest, tax, depreciation, depletion and amortization. The definition of Adjusted EBITDA for the Company is the
    operating income or loss plus dividends received and interest from associates and joint ventures, and excluding the amounts charged as
    (i) depreciation, depletion and amortization and (ii) impairment reversal (impairment and disposals) of non-current assets. However, our
    adjusted EBITDA is not the measure defined as EBITDA under IFRS and may possibly not be comparable with indicators with the same name
    reported by other companies. Adjusted EBITDA should not be considered as a substitute for operational profit or as a better measure of
    liquidity than operational cash flow, which are calculated in accordance with IFRS. Vale provides its adjusted EBITDA to give additional
    information about its capacity to pay debt, carry out investments and cover working capital needs. The following tables shows the reconciliation
    between adjusted EBITDA and operational cash flow and adjusted EBITDA and net income, in accordance with its statement of changes in financial
    position.</P>
    <P STYLE="color: #7F7F7F; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">The definition
    of Adjusted EBIT is Adjusted EBITDA plus depreciation, depletion and amortization.</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt"><B>Reconciliation between adjusted EBITDA and operational cash flow</B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,438</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,714</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,454</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-47%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Working capital:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Accounts receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,935</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,686</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(832)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(626)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(363)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">72%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">403</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Suppliers and contractors</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">378</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(105)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(308)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Provisions (Review of estimates) related to Brumadinho</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">137</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Provisions (Review of estimates) related to de-characterization of dams</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(61)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">153</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(579)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(652)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(416)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash flow</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,479</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,280</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5,591</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-20%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Income taxes (including settlement program) paid</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(506)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(337)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">50%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(259)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">95%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Interest on loans and borrowings paid</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(186)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(169)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(200)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Payments related to Brumadinho event</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(135)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(124)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(417)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-68%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Payments related to de-characterization of dams</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(119)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(78)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">53%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(145)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Interest on participative shareholders' debentures paid</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(106)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Cash received on settlement of Derivatives, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">43</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">38</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">325</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-87%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,576</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,610</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,789</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-25%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt"><B>Reconciliation between adjusted EBITDA and net income (loss)</B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,438</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,714</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,454</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-47%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(714)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(656)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(855)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-16%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">EBITDA from associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(203)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(138)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">47%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(219)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Impairment reversal (impairment) and results on disposals of non-current assets,net&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(73)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(39)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">87%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(203)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-64%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,448</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,881</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5,177</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-53%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(437)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(530)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(874)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-50%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">124</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(55)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,152)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-111%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(448)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(418)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(709)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-37%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,687</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,878</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,442</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-31%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-80%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-67%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,679</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,837</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-31%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Includes adjustment of US$ 67 million in 1Q24, US$ 35 million in 1Q23 and US$ 82 million in 4Q23 to reflect the performance of the streaming transactions at market price.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt"><B>(c) Net debt</B></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gross debt </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13,248</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11,464</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12,471</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,426</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,520</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,452</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash and cash equivalents&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4,569)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4,758)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4,363)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>10,105</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,226</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,560</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Includes US$ 735 million related to non-current assets held for sale in 1Q24 due to the PTVI divestment and US$ 703 million in 4Q23. </FONT></TD></TR>
  </TABLE>

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<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt"><B>(d) Gross debt / LTM Adjusted EBITDA</B></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #005250 1pt solid; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gross debt and leases&nbsp;&nbsp;/ LTM Adjusted EBITDA (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gross debt and leases / LTM operational cash flow&nbsp;&nbsp;(x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F2F2F2; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt"><B>(e) LTM Adjusted EBITDA / LTM interest payments</B></TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #005250 1pt solid; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Adjusted LTM EBITDA / LTM gross interest (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">LTM adjusted EBITDA / LTM interest payments (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt"><B>(f) US dollar exchange rates</B></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-bottom: 6pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>R$/US$</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #005250 1pt solid; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Average</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.9515</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.1963</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.9553</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">End of period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.9962</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.0804</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.8413</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0">&nbsp;</P>


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<P STYLE="color: #007E7A; font: 13pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #007E7A; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0">Revenues and volumes</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B><BR>
Net operating revenue by destination</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 28%; border-right: white 1pt solid; background-color: teal; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: #005C5A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: white 1pt solid; background-color: #005C5A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: white 1pt solid; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: white 1pt solid; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: white 1pt solid; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>North America</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>427</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>5.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>653</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;7.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-35%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>473</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;3.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-10%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;USA</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">243</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">2.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">511</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;6.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-52%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">358</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: white; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;2.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-32%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">184</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">2.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">142</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;1.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">30%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">115</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;0.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">60%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>South America</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,128</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>13.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,067</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;12.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,014</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;7.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>11%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1,006</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">11.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">919</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;10.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">927</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;7.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">122</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1.4</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">148</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;1.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-18%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">87</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;0.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">40%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>Asia</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>5,170</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>61.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>4,726</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;56.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>9,497</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;72.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-46%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;China</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">3,674</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">43.4</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">3,407</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;40.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">7,672</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;58.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-52%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Japan</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">682</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">8.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">689</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;8.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">863</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;6.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-21%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;South Korea</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">206</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">2.4</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">312</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;3.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-34%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">390</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;3.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-47%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">608</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">7.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">318</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;3.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">91%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">572</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;4.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>Europe</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,008</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>11.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,563</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;18.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-36%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,282</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;9.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-21%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Germany</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">326</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">3.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">428</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;5.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-24%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">368</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;2.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-11%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Italy</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">0.2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">183</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;2.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-90%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">96</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;0.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-80%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">663</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">7.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">952</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;11.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-30%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">818</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;6.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-19%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>Middle East</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>266</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>3.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>238</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;2.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>12%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>343</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;2.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-22%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>Rest of the World</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>460</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>5.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>187</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;2.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>146%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>445</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;3.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>3%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,459</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;100.0 </B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,434</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;100.0 </B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>0%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>13,054</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;100.0 </B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-35%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B><BR>
Volume sold by destination &ndash; Iron ore and pellets</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 60%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>&lsquo;000 metric tons</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Americas</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,785</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>10,151</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,667</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,762</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,749</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,912</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,402</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-27%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">755</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">35%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Asia</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>46,872</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>38,058</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>23%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>73,341</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-36%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;China</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36,309</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">28,295</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">28%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">60,180</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-40%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Japan</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,065</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,545</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6,825</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-26%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,498</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4,218</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6,336</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Europe</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,317</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5,168</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-36%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,941</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>13%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Germany</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">776</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">964</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-20%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">654</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;France</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">589</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,080</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-45%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">685</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-14%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,952</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,124</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-38%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,602</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Middle East</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,407</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,240</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>13%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,815</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-22%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Rest of the World</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,446</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,042</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>135%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,564</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-5%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>63,827</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>55,659</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>90,328</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-29%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B><BR>
Net operating revenue by business area</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 28%; background-color: teal; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: #747678 1pt solid; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: #747678 1pt solid; background-color: teal; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>7,025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>83%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>6,411</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>76%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>11,030</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>84%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-36%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron ore fines</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">5,292</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">63%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">4,982</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">59%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">9,212</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">71%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-43%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROM</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">27</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,585</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">19%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,322</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">20%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,680</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">121</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">81</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">49%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">109</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>1,434</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>17%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>1,998</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>24%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-28%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>1,982</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>15%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-28%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">558</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,013</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-45%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">888</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-37%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">587</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">583</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">767</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-24%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGMs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">68</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">75</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">71</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold as by-product&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">137</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">97</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">42%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">185</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-25%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver as by-product</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">10</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-23%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">10</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-48%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-31%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others&sup2;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">64</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">200</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-69%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">42</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">50%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>Others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>42</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-100%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total of continuing operations</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,459</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,434</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>0%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>13,054</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-35%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding: 0.55pt 2pt">
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Exclude
    the adjustment of US$ 67 million in 1Q24, US$ 35 million in 1Q23 and US$ 82 million in 4Q23, related to the performance of streaming transactions
    at market price.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; Includes
    marketing activities.</P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 29 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0">Projects under evaluation and growth options</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 34%; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Copper</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Alem&atilde;o</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 60 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Underground mine</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">115 kozpy Au as byproduct</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>South Hub extension (Bacaba)</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 60-80 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3&sup1;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 4Q24</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Open pit</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Development of mines to feed Sossego mill</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Victor</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 20 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Ontario, Canada</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Underground mine</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">5 ktpy Ni as co-product; JV partnership under discussion</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Hu&rsquo;u</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 300-350 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Dompu, Indonesia</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">200 kozpy Au as byproduct</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 80%</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Underground block cave</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>North Hub</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 70-100 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL1</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Mines and processing plant</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Nickel</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Sorowako Limonite</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 60 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Sorowako, Indonesia</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2Q24</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: N/A&sup2;</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Mine + HPAL plant</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">8 kpty Co as by-product</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Creighton Ph. 5</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 15-20 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Ontario, Canada</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Underground mine</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">10-16 ktpy Cu as by-product</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>CCM Pit</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 12-15 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Ontario, Canada</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2024-2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Open pit mine</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">7-9 ktpy Cu as by-product</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>CCM Ph. 3</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 5-10 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Ontario, Canada</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Underground mine</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">7-13 ktpy Cu as by-product</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>CCM Ph. 4</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 7-12 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Ontario, Canada</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">7-12 ktpy Cu as by-product</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Underground mine</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Nickel Sulphate Plant</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: ~25 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Quebec, Canada</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Investment decision: 2024-2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Iron ore</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Concentration Plant</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 12-15 Mtpy pellet feed</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Sohar, Oman</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Asset-light partnership</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2024</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Located next to Oman&rsquo;s pellet plant</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Green briquette plants</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3 (two plants)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Brazil and other regions</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2024-2029</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Cold agglomeration plant</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">8 plants under engineering stage, including co-located plants in clients&rsquo; facilities </FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Serra Leste expansion</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: +4 Mtpy (10 Mtpy total)</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Northern System (Brazil)</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="padding: 0.55pt 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Open pit mine</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>S11C</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Northern System (Brazil)</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="padding: 0.55pt 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Open pit mine</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Serra Norte N1/N2<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL1</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Northern System (Brazil)</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="padding: 0.55pt 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Open pit mine</FONT></TD>
    <TD STYLE="padding: 0.55pt 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Mega Hubs</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: Prefeasibility Study</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Middle East</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Industrial complexes for iron ore concentration and agglomeration and production of direct reduction metallics</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Vale signed three agreements with Middle East local authorities and clients to jointly study the development of Mega Hubs</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="padding: 0.55pt 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>1</SUP>
    Refers to the most advanced projects (Bacaba and Cristalino). </FONT></P>
    <P STYLE="color: #747678; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>2</SUP>
    Indirect ownership through Vale&rsquo;s 44.34% equity in PTVI. PTVI will own 100% of the mine and has the option to acquire up to 30%
    of the plant as part of the JV agreement.</FONT></P>
    <P STYLE="color: #747678; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>3</SUP>
    Project scope is under review given permitting constraints.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/126% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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

<P STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0">Revised Reporting Practices for the Energy
Transition Metals (ETM) Segment</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">As
previously outlined in the Adjusted EBITDA chapter, additional changes to the reporting practices for the Energy Transition Metals (ETM)
segment, effective from the first quarter of 2024 (1Q24), were implemented. These changes are part of the ongoing efforts to enhance financial
transparency and provide stakeholders with a more accurate and detailed view of the segment&rsquo;s underlying economic performance. These
adjustments will make the financial reporting more reflective of the true operational results and support better-informed decision-making.
These changes are detailed below:</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><B>Operational
Results Reporting:</B> The operational results for each business unit (e.g. Sudbury, Salobo, etc.) within the copper and nickel segments
will now be reported excluding certain accounting remeasurements and other non-operational impacts. Specifically, remeasurements such
as the non-realized effect of provisional price adjustment (PPA), inventory write-downs, and other non-operational transactions not directly
associated with each business unit. Instead, these items will be grouped and reported under a separate category labelled &ldquo;Others&rdquo;
within the copper and nickel segments.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><B>Marketing
results</B>: All marketing-related results will now be consolidated and reported under the &ldquo;Other ETM&rdquo; category.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><B>General
and Administrative Costs:</B> General and Administrative (G&amp;A) expenses related to the administration of Vale Base Metals will no
longer be included in the Adjusted EBITDA as non-allocated. These costs will now be reported separately under the &ldquo;Other ETM&rdquo;
category to provide clearer visibility into the core performance of the segment.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">These
changes are intended to streamline reporting and improve the transparency of operational cost structures within the ETM segment. The ETM
segment results from previous quarters have not been restated to reflect these new reporting practices.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- 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>

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