<SEC-DOCUMENT>0001292814-24-002592.txt : 20240628
<SEC-HEADER>0001292814-24-002592.hdr.sgml : 20240628
<ACCEPTANCE-DATETIME>20240628112334
ACCESSION NUMBER:		0001292814-24-002592
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20240630
FILED AS OF DATE:		20240628
DATE AS OF CHANGE:		20240628

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:		241082802

	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
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<FILENAME>vale20240627_6k1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 of the<BR>
Securities Exchange Act of 1934</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Praia de Botafogo n&ordm; 186, offices 1101, 1701 and
1801, Botafogo</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2pt">&nbsp;</P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This report is incorporated
by reference in the registration statements on Form F-3/A filed by us and Vale Overseas Limited with the U.S. Securities and Exchange
Commission on April 25, 2023 (File Nos. <FONT><A HREF="http://www.sec.gov/Archives/edgar/data/917851/000129281423001757/valepream_f3a.htm">333-271248</A></FONT> and <FONT><A HREF="http://www.sec.gov/Archives/edgar/data/917851/000129281423001757/valepream_f3a.htm">333-271248-01</A></FONT>,
respectively), and shall be deemed to be a part thereof from the date on which this report is furnished to the SEC, to the extent not
superseded by documents or reports subsequently filed or furnished.</P>


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VALE S.A.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;/s/ Adriana Barbosa Areias</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name: Adriana Barbosa Areias</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title: Attorney-in-fact</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;/s/ Jo&atilde;o Barbosa Campbell Penna</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name: Jo&atilde;o Barbosa Campbell Penna</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title: Attorney-in-fact</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: June 28, 2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>


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

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

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    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">Exhibit Number</P></TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ex4-2.htm">Second Supplemental Indenture, dated June 28, 2024</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ex5-1.htm">Opinion of Alexandre D&rsquo;Ambrosio, General Counsel of Vale, dated June 28, 2024</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ex5-2.htm">Opinion of Walkers (Cayman) LLP, dated June 28, 2024</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ex5-3.htm">Opinion of Cleary Gottlieb Steen &amp; Hamilton LLP, dated June 28, 2024</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 90pt 0pt 0pt; text-align: center">VALE OVERSEAS LIMITED,</P>

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">THE BANK OF NEW YORK MELLON</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.5in 0 0; text-align: center">SECOND SUPPLEMENTAL INDENTURE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.5in 0 0; text-align: center">US$1,000,000,000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">6.400% Guaranteed Notes due 2054</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 1.25in 0 0; text-align: center">Dated as of June&nbsp;28, 2024</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Second Supplemental Indenture,
dated as of June&nbsp;28, 2024, among VALE OVERSEAS LIMITED, a Cayman Islands exempted company incorporated with limited liability (herein
called the &#8220;Company&#8221;), having its registered office at Captiva Global Financial Services, 23 Lime Tree Bay Avenue, Grand Cayman
KY1-1209, Cayman Islands, VALE S.A., a publicly held corporation organized under the laws of the Federative Republic of Brazil (herein
called the &#8220;Guarantor&#8221;), having its principal office at Praia de Botafogo, 186, offices 1101, 1701 and 1801, Botafogo, Zip
Code 22.250-145, Rio de Janeiro, RJ, Brazil, and THE BANK OF NEW YORK MELLON, a banking corporation duly organized and existing under
the laws of the State of New York, having its principal corporate trust office at 240 Greenwich Street, New York, New York 10286, as Trustee
(herein called the &#8220;Trustee&#8221;) to the Amended and Restated Indenture, dated as of August 4, 2021, among the Company, the Guarantor
and the Trustee (the &#8220;Base Indenture&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center">W I T N E S S E T H:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Whereas, the Base Indenture
provides for the issuance from time to time thereunder, in series, of Securities of the Company carrying the Guaranty of the Guarantor,
and Section 3.1 of the Base Indenture provides for the establishment of the form or terms of Securities issued thereunder through one
or more supplemental indentures;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Whereas, the Company and
the Guarantor desire by this Second Supplemental Indenture to create a new series of Securities to be issuable under the Base Indenture,
as supplemented by this Second Supplemental Indenture, and to be known as the Company&#8217;s 6.400% Guaranteed Notes due 2054 (the &#8220;Notes&#8221;)
the terms and provisions of which are to be as specified in this Second Supplemental Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Whereas, the Company and
the Guarantor have duly authorized the execution and delivery of this Second Supplemental Indenture to establish the Notes as a series
of Securities under the Base Indenture and to provide for, among other things, the issuance of and the form and terms of the Notes and
additional covenants for the benefit of the Holders thereof and the Trustee; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Whereas, all things necessary
to make this Second Supplemental Indenture a valid and binding legal obligation of the Company and the Guarantor according to its terms
have been done.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Now, therefore, for and
in consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof and for the purpose of setting forth,
as provided in the Base Indenture, the form of the Notes and the terms, provisions and conditions thereof, the Company and the Guarantor
covenant and agree with the Trustee:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">1.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Provisions of the Base Indenture</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Except insofar as herein
otherwise expressly provided, all the definitions, provisions, terms and conditions of the Base Indenture shall remain in full force and
effect. The Base Indenture, as amended and supplemented by this Second Supplemental Indenture, is in all respects ratified and confirmed,
and the Base Indenture and this Second Supplemental Indenture shall be read, taken and construed as one and the same instrument for all
purposes.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">1.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Definitions</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">For all purposes of this
Second Supplemental Indenture and the Notes, except as otherwise expressly provided or unless the subject matter or context otherwise
requires:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">1.2.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any reference to a &#8220;Section&#8221; refers to a Section of this Second Supplemental Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">1.2.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the words &#8220;herein,&#8221; &#8220;hereof&#8221; and &#8220;hereunder&#8221; and other words of similar import refer to this
Second Supplemental Indenture as a whole and not to any particular Section or other subdivision;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">1.2.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all terms used in this Second Supplemental Indenture that are defined in the Base Indenture have the meanings assigned to them
in the Base Indenture, except as otherwise provided in this Second Supplemental Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">1.2.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the term &#8220;Securities&#8221; as defined in the Base Indenture and as used in any definition therein, shall be deemed to include
or refer to, as applicable, the Notes; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">1.2.5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the following terms have the meanings given to them in this Section&nbsp;1.2.5.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Applicable Procedures&#8221;
means with respect to any transfer or transaction involving a Global Note or beneficial interest therein, the rules and procedures of
the Depositary, Euroclear and Clearstream, Luxembourg for such Global Note, in each case to the extent applicable to such transaction
and as in effect from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Global Note&#8221;
means a Note that evidences all or part of the Notes and is authenticated and delivered to, and registered in the name of, the Depositary
for such Notes or a nominee thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Interest Payment
Date&#8221; has the meaning set forth in Section 2.1 hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Notes&#8221; has
the meaning specified in the recitals hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Par Call Date&#8221;
means December&nbsp;28, 2053 (the date that is six months prior to the Stated Maturity Date).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Permitted Holder&#8221;
at any time means any Person who, at such time, is the holder of at least US$5,000,000 in aggregate principal amount of Notes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Relevant Date&#8221;
in respect of any payment means the date on which such payment first becomes due or (if the full amount of the monies payable has not
been received by the Trustee at least one Business Day prior to such due date) the date on which notice is given to the Holders that such
monies have been so received.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Stated Maturity
Date&#8221; has the meaning specified in Section 2.1 hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Treasury Rate&#8221;
means, with respect to any redemption date, the yield determined by the Company in accordance with the following two
paragraphs.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The Treasury Rate shall
be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S.&nbsp;government securities are
posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon
the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by
the Board of Governors of the Federal Reserve System designated as &#8220;Selected Interest Rates (Daily) &#8211; H.15&#8221; (or any
successor designation or publication) (&#8220;H.15&#8221;) under the caption &#8220;U.S.&nbsp;government securities&#8211;Treasury constant
maturities&#8211;Nominal&#8221; (or any successor caption or heading) (&#8220;H.15 TCM&#8221;). In determining the Treasury Rate, the
Company shall select, as applicable: (1)&nbsp;the yield for the Treasury constant maturity on H.15 exactly equal to the period from the
redemption date to the Par Call Date (the &#8220;Remaining Life&#8221;); or (2)&nbsp;if there is no such Treasury constant maturity on
H.15 exactly equal to the Remaining Life, the two yields &#8211; one yield corresponding to the Treasury constant maturity on H.15 immediately
shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life &#8211;
and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the
result to three decimal places; or (3)&nbsp;if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining
Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable
Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years,
as applicable, of such Treasury constant maturity from the redemption date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">If on the third business
day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per
annum equal to the semi-annual equivalent yield to maturity at 11:00&nbsp;a.m., New York City time, on the second business day preceding
such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as
applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury
securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with
a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding
the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States
Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States
Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices
for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the
terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average
of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury
security, and rounded to three decimal places.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>General Terms and Conditions of the Notes</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">2.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Designation, Principal Amount and Redemption.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">There is hereby authorized
and established a new series of Securities designated the &#8220;6.400% Guaranteed Notes due 2054&#8221;.
The Notes will initially be limited to an aggregate principal amount of US$1,000,000,000 (which amount does not include Notes authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.4, 3.5, 9.6 or 11.5
of the Base Indenture).</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The principal of the Notes
shall be due and payable at the Stated Maturity Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The Company may, from time
to time and without the consent of the Holders, issue additional notes on terms and conditions identical to those of the Notes, which
additional notes shall increase the aggregate principal amount of, and shall be consolidated and form a single series with, the Notes.
The stated maturity of the Notes shall be on June&nbsp;28, 2054 (the &#8220;Stated Maturity Date&#8221;). The Notes shall (subject to
Section 10.6 of the Base Indenture) be unsecured and shall bear interest at the rate of 6.400% per annum, from June&nbsp;28, 2024 or from
the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be, payable semi-annually
on June&nbsp;28 and December&nbsp;28 of each year, commencing on December&nbsp;28, 2024 (each, an &#8220;Interest Payment Date&#8221;),
until the principal thereof is paid or made available for payment. To the extent interest due on any Interest Payment Date is not paid,
interest shall accrue thereon at the Default Rate of Interest, except as provided herein, until such unpaid interest and interest accrued
thereon are paid in full.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">2.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Forms Generally</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The Notes shall be in substantially
the forms set forth in this Section 2.2, with such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Second Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith,
be determined by the officers executing such Notes, as evidenced by their execution thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">2.2.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Form of Face of Note</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">[INCLUDE IF NOTE IS A GLOBAL
NOTE: THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO, AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY VALE OVERSEAS LIMITED, VALE S.A. AND THE TRUSTEE AND ANY AGENT THEREOF AS OWNER
AND HOLDER OF THIS NOTE FOR ALL PURPOSES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR REGISTERED NOTES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE,
THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY.]</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">[INCLUDE IF NOTE IS A
GLOBAL NOTE AND THE DEPOSITARY IS THE DEPOSITORY TRUST COMPANY: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY TO VALE OVERSEAS LIMITED OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IN EXCHANGE FOR THIS CERTIFICATE OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.]</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">6.400%</FONT>
GUARANTEED NOTES DUE 2054</P>

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

<P STYLE="text-align: right; font: 12pt Times New Roman, Times, Serif; margin: 0.25in 0 0 4in">CUSIP Number:&#9;91911T&nbsp;AS2<BR>
ISIN:&#9;US91911TAS24<BR>
Common Code:&#9;285442249</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0.25in; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">No.&nbsp;[_]</TD>
  <TD STYLE="width: 50%">US$[_]</TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">VALE OVERSEAS LIMITED,
an exempted company duly incorporated with limited liability and existing under the laws of the Cayman Islands (herein called the &#8220;Company,&#8221;
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede
&amp; Co., or registered assigns, the principal sum of [__________] United States Dollars [if the Note is a Global Note, then insert:,
or such other principal amount as set forth in the Schedule of Increases or Decreases in Global Note attached hereto] on June&nbsp;28,
2024, and to pay interest thereon semi-annually on June&nbsp;28 and December&nbsp;28 of each year (each an &#8220;Interest Payment Date&#8221;),
commencing on December&nbsp;28, 2024, from June&nbsp;28, 2024 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, as the case may be, at the rate of 6.400% per annum, until the principal hereof is paid or made available for
payment, provided that any amount of interest on this Note which is overdue shall bear interest (to the extent that payment thereof shall
be legally enforceable) at the Default Rate of Interest, except as provided for herein, from the date such amount is due to but not including
the day it is paid or made available for payment, and such overdue interest shall be paid as provided in Section 3.6 of the Base Indenture
hereinafter referred to.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest,
which shall be June&nbsp;13 or December&nbsp;13 (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor
Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of the Notes not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in the Indenture. Interest on this Note shall be computed
on the basis set forth in the Indenture.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Payment of the principal
of and interest on this Note will be made to the Person entitled thereto at the office of the Trustee or agency of the Company in the
Borough of Manhattan, The City of New York, New York, maintained for such purpose, and at any other office or agency maintained by the
Company for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts upon surrender of this Note in the case of any payment due at the Maturity of the principal hereof (other
than any payment of interest payable on an Interest Payment Date); provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; provided,
further, that all payments of the principal of and interest on this Note, the Permitted Holders of which have given wire transfer instructions
to the Trustee, the Company, or its agent at least 10 Business Days prior to the applicable payment date, will be required to be made
by wire transfer of immediately available funds to the accounts with financial institutions in the United States specified by such Permitted
Holders in such instructions. Notwithstanding the foregoing, payment of any amount payable in respect of a Global Note will be made in
accordance with the Applicable Procedures of the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Reference is hereby made
to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual or electronic signature, this Note
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Dated:&#9;[__________]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 50%">VALE OVERSEAS LIMITED</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 48pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-right: 10pt; padding-left: 10pt; text-align: right; width: 50%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: right">&nbsp;</TD>
  <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt"><U></U>Name:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt">Title:&#9;</P>

</TD></TR>
</TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 48pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-right: 10pt; padding-left: 10pt; text-align: right; width: 50%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: right">&nbsp;</TD>
  <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt"><U></U>Name:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt">Title:&#9;</P>

</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The undersigned (the &#8220;Guarantor&#8221;)
hereby irrevocably and unconditionally guarantees the full and punctual payment (whether at the Stated Maturity Date, upon redemption,
acceleration or otherwise) of the principal, interest, Additional Amounts and all other amounts that may come due and payable under this
Note.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the
Guarantor has caused this instrument to be duly endorsed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Dated:&#9;[__________]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 50%">VALE S.A.</P>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 48pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-right: 10pt; padding-left: 10pt; text-align: right; width: 50%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: right">&nbsp;</TD>
  <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt"><U></U>Name:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt">Title:&#9;</P>

</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 48pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-right: 10pt; padding-left: 10pt; text-align: right; width: 50%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: right">&nbsp;</TD>
  <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt"><U></U>Name:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt">Title:&#9;</P>

</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">2.2.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Form of Reverse of Note</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Note is a duly authorized issue of securities of the Company issued in one or more series (the &#8220;Securities&#8221;) under
an Amended and Restated Indenture, dated as of August 4, 2021 (the &#8220;Base Indenture&#8221;) as supplemented by the Second Supplemental
Indenture, dated as of June 28, 2024 (the &#8220;Second Supplemental Indenture&#8221;), among the Company, the Guarantor and The Bank
of New York Mellon, as Trustee (herein called the &#8220;Trustee,&#8221; which term includes any successor Trustee under the Base Indenture),
and reference is hereby made to the Base Indenture, as supplemented by the Second Supplemental Indenture (the Base Indenture, as supplemented
by the Second Supplemental Indenture, herein called the &#8220;Indenture&#8221;), for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms
upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof
(herein called the &#8220;Notes&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The full and punctual payment of the principal and interest and all other amounts payable under this Note is irrevocably and unconditionally
guaranteed by the Guarantor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Additional notes on terms and conditions identical to those of this Note may be issued by the Company without the consent of the
Holders of the Notes. The amount evidenced by such additional Notes shall increase the
aggregate principal amount of, and shall be consolidated and form a single series with, the Notes.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If an Event of Default with respect to Notes shall occur and be continuing, the principal of all of the Notes may be declared due
and payable in the manner and with the effect provided in the Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All payments in respect of the Notes shall be made without withholding or deduction for any present or future taxes, duties, assessments
or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of the Cayman Islands or Brazil,
or any Successor Jurisdiction or any authority therein or thereof having power to tax (&#8220;Foreign Taxes&#8221;) except to the extent
that such Foreign Taxes are required by the Cayman Islands, Brazil, such Successor Jurisdiction or any such authority to be withheld or
deducted. In the event of any withholding or deduction for any Foreign Taxes, the Company, the Guarantor or their successors, as the case
may be, shall make such deduction or withholding, make payment of the amount so withheld to the appropriate governmental authority and
pay such additional amounts (&#8220;Additional Amounts&#8221;) as are necessary to ensure that the net amounts received by the Holders
of the Notes after such withholding or deduction equals the respective amounts of principal, premium and interest which would have been
receivable in respect of such Notes had no such withholding or deduction (including for any Foreign Taxes payable in respect of Additional
Amounts) been required, except that no such Additional Amounts shall be payable with respect to any payment on a Note:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to, or to a third party on behalf of, a Holder who is liable for any such taxes, duties, assessments or other governmental charges
in respect of a Note by reason of (A)&nbsp;a connection between the Holder and the Cayman Islands, Brazil or such Successor Jurisdiction
other than the mere holding of such Note and the receipt of payments with respect to such Note or (B)&nbsp;failure by the Holder to comply
with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with
the Cayman Islands, Brazil or a Successor Jurisdiction, or applicable political subdivision or authority thereof or therein having power
to tax, of such Holder, if compliance is required by the Cayman Islands, Brazil or such Successor Jurisdiction, or any political subdivision
or authority thereof or therein having power to tax as a precondition to exemption from, or reduction in the rate of, the tax, assessment
or other governmental charge and the Company has given the Holders at least 30 days&#8217; notice that Holders will be required to provide
such certification, identification or other requirement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in respect of any such taxes, duties, assessments or other governmental charges with respect to a Note surrendered (if surrender
is required) more than 30&nbsp;days after the date on which such payment became due and payable or the date on which payment thereof is
duly provided for and notice thereof is given to Holders, whichever occurs later, except to the extent that the Holder of such Note would
have been entitled to such Additional Amounts on surrender of such Note for payment on the last day of such 30-day period;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in respect of estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or governmental charge imposed
with respect to a Note;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(iv)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> in respect of any tax, assessment or other governmental charge payable otherwise than by deduction or withholding from payments
on the Notes or by direct payment by the Company or the Guarantor in respect of claims made against the Company or the Guarantor;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(v)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in respect of any taxes, duties, assessments or other governmental charges imposed under Sections&nbsp;1471 through 1474 of the
U.S.&nbsp;Internal Revenue Code of 1986, as amended as of the issue date (or any amended or successor version that is substantively comparable)
and any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section&nbsp;1471(b)(1)
of the U.S.&nbsp;Internal Revenue Code, any intergovernmental agreement between a non-U.S.&nbsp;jurisdiction and the United States with
respect to the foregoing or any law, regulation or practice adopted pursuant to any such intergovernmental agreement; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(vi)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in respect of any combination of the above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Solely for purposes of
this paragraph&nbsp;5, the term &#8220;Holder&#8221; of any Note means the direct nominee of any beneficial owner of such Note, which
holds such beneficial owner&#8217;s interest in such Note. Notwithstanding the foregoing, the limitations on the Company&#8217;s or the
Guarantor&#8217;s obligation to pay Additional Amounts set forth in clause&nbsp;(i) above shall not apply if the provision of information,
documentation or other evidence described in such clause&nbsp;(i) would be materially more onerous, in form, in procedure or in the substance
of information disclosed, to a Holder or beneficial owner of a Note (taking into account any relevant differences between U.S.&nbsp;law,
regulation or administrative practice and the law, regulation or administrative practice of the Cayman Islands, Brazil or the Successor
Jurisdiction) than comparable information or other reporting requirements imposed under U.S.&nbsp;tax law (including tax treaties between
the United States and the Cayman Islands, Brazil or the Successor Jurisdiction), regulation (including proposed regulations) and administrative
practice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The
</FONT>Company or the Guarantor, as the case may be, shall promptly provide the Trustee with documentation (which may consist of certified
copies of such documentation) evidencing the payment of Foreign Taxes in respect of which the Company or the Guarantor has paid any Additional
Amounts. Copies of such documentation shall be made available to the Holders of the Notes or the Paying Agent, as applicable, upon request
therefor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The
</FONT>Company or the Guarantor, as the case may be, shall pay all stamp, issue, registration, documentary or other similar duties, if
any, which may be imposed by the Cayman Islands, Brazil or the Successor Jurisdiction, or any governmental entity or political subdivision
therein or thereof, or any taxing authority of or in any of the foregoing, with respect to the Indenture or the issuance of the Notes
or the Guaranty.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">All references herein or
in the Indenture, to principal, premium or interest in respect of any Note shall be deemed to include all Additional Amounts, if any,
payable in respect of such principal, premium or interest, unless the context otherwise requires, and express mention of the payment of
Additional Amounts in any provision hereof shall not be construed as excluding reference to Additional Amounts in those provisions hereof
where such express mention is not made.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">In the event that Additional
Amounts actually paid with respect to the Notes pursuant to the preceding paragraphs are based on rates of deduction or withholding of
withholding taxes in excess of the appropriate rate applicable to the Holder of such Notes, and, as a result thereof such Holder is entitled
to make claim for a refund or credit of such excess from the authority imposing such withholding tax, then such Holder shall, by accepting
such Notes, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or credit of such
excess to the Company or the Guarantor, as the case may be. However, by making such assignment, the Holder makes no representation or
warranty that the Company will be entitled to receive such claim for a refund or credit and incurs no other obligation with respect thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All references in the Indenture and the Notes to principal in respect of any Note shall be deemed to mean and include any Redemption
Price payable in respect of such Note pursuant to any redemption right hereunder (and all such references to the Stated Maturity Date
of the principal in respect of any Note shall be deemed to mean and include the Redemption Date with respect to any such Redemption Price),
and all such references to principal, interest or Additional Amounts shall be deemed to mean and include any amount payable in respect
hereof pursuant to Section 10.7 of the Base Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At any time prior to the Par Call Date, the Notes are subject to redemption at the Company&#8217;s option in whole or in part at
a Redemption Price equal to the greater of (1) (a)&nbsp;the sum of the present values of the remaining scheduled payments of principal
and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 35&nbsp;basis points less (b)&nbsp;interest accrued to the
date of redemption, and (2)&nbsp;100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest
thereon to (but not including) the Redemption Date. At any time on or after the Par Call Date, the Notes are subject to redemption at
the Company&#8217;s option in whole or in part at a Redemption Price equal to 100% of the principal amount of such Notes plus accrued
and unpaid interest thereon to (but not including) the Redemption Date. The Company&#8217;s actions and determinations in determining
the Redemption Price shall be conclusive and binding for all purposes, absent manifest error. Notice of any redemption will be mailed
or electronically delivered (or otherwise transmitted in accordance with the depositary&#8217;s procedures) at least 10&nbsp;days but
not more than 60&nbsp;days before the Redemption Date to each Holder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">In the case of a partial
redemption, selection of the Notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion
deems appropriate and fair, subject to the Applicable Procedures with respect to Global Notes. No Notes of a principal amount of $2,000
or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to the Note will state
the portion of the principal amount of the Note to be redeemed. A new note in a principal amount equal to the unredeemed portion of the
Note will be issued in the name of the holder of the Note upon surrender for cancellation of the original note. For so long as the Notes
are held by DTC (or another depositary), the redemption of the Notes shall be done in accordance with the policies and procedures of the
depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Unless the Company defaults
in payment of the Redemption Price, on and after the Redemption Date interest will cease to accrue on the Notes or portions thereof called
for redemption.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">If, as a result of any
amendment to, or change in, the laws (or any rules or regulation thereunder) of the Cayman Islands, Brazil or a Successor Jurisdiction
or any political subdivision or taxing authority thereof or therein affecting taxation or any amendment to or change in an official interpretation,
administration or application of such laws, rules or regulations (including a holding by a court of competent jurisdiction), which amendment
or change of such laws, rules or regulations or the interpretation thereof becomes effective on or after the date of the Second Supplemental
Indenture, or, in the case of a Successor Jurisdiction, on or after the date the Successor Corporation is incorporated in or considered
to be a resident of such Successor Jurisdiction, the Company, the Guarantor or their successors would be obligated to pay Additional Amounts
in respect of the Notes pursuant to the terms and conditions thereof in respect of Foreign Taxes (in the case of the Guarantor or its
successor, imposed at a rate in excess of 15%, and in the case of the Company or its successor, imposed at a rate in excess of 0%), and
if such obligation cannot be avoided by the Company, the Guarantor or their successors, as applicable, after taking measures the Company,
the Guarantor or their successors, as applicable, considers reasonable to avoid it, then, at the Company&#8217;s, the Guarantor&#8217;s
or their successors&#8217;, as applicable, option, the Notes may be redeemed in whole, but not in part, at any time, on giving not less
than 10 nor more than 60 days&#8217; notice to the Holders of the Notes, at a Redemption Price equal to 100% of the principal amount thereof
and any premium applicable thereto, together with accrued interest up to but not including the Redemption Date and any Additional Amounts
which would otherwise be payable up to but not including the Redemption Date; provided, however, that (1)&nbsp;no notice of such redemption
may be given earlier than 90 days prior to the earliest date on which the Company, the Guarantor or their successors, as applicable, would
but for such redemption be obligated to pay such Additional Amounts were a payment on the Notes then due, and (2)&nbsp;at the time such
notice is given, such obligation to pay such Additional Amounts remains in effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">On and after any Redemption
Date, interest will cease to accrue on the Notes or any portion of the Notes called for redemption (unless the Company defaults in the
payment of the Redemption Price and accrued interest). At least one Business Day prior to the Redemption Date, the Company will deposit
with the Trustee money sufficient to pay the Redemption Price of and (unless the redemption date shall be an Interest Payment Date) accrued
interest to the Redemption Date on the Notes to be redeemed on such Redemption Date. If less than all of the Notes are to be redeemed,
the Notes to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and appropriate, subject to the
Applicable Procedures with respect to Global Notes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each affected series under the Indenture at any time by
the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding
of each affected series. The Indenture also contains provisions (i)&nbsp;permitting the Holders of a majority in principal amount of the
Securities at the time Outstanding of any affected series under the Indenture on behalf of the Holders of all Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture and (ii)&nbsp;permitting the Holders of a majority in principal
amount of the Securities at the time Outstanding of any affected series under the Indenture on behalf of the Holders of all Securities
of such series, to waive certain past defaults under the Indenture and their consequences.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Any such consent or waiver
by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Note.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless (i)&nbsp;such
Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes, (ii) the Holders
of not less than 25% in principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity reasonably satisfactory to it, and the Trustee
shall not have received from the Holders of a majority in principal amount of Notes at the time Outstanding a direction inconsistent with
such request, and (iii) the Trustee shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request
and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment
of principal hereof or any interest hereon on or after the respective due dates expressed herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">10.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of and any interest on this Note at the times, place and rate,
and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">11.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in
the Security Register, upon surrender of this Note for registration of transfer at the office of the Trustee or agency of the Company
in any place where the principal of and any interest on this Note are payable, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his or her attorney
duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for
the same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The Notes are issuable
only in registered form without coupons in denominations of US$2,000 and any integral multiple of US$1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of
Notes of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">No service charge shall
be made for any such registration of transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">12.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to due surrender of this Note for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the
Company, the Guarantor or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes,
whether or not this Note is overdue, and neither the Company,
the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">13.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Note and the Indenture shall be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">14.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">15.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[If the Note is a Global Note, then insert: This Note is a Global Note and is subject to the provisions of the Indenture relating
to Global Notes.]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.5in 0 0; text-align: center">[TO BE ATTACHED TO GLOBAL NOTES]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">The initial principal amount of this Global Note is US$[__________].</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">The following increases or decreases in this Global Note have
been made:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; border-bottom: Black 0.5pt solid">Date of Adjustment</P></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; border-bottom: Black 0.5pt solid">Amount of
    Decrease in Principal Amount of this Global Note</P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; border-bottom: Black 0.5pt solid">Amount of
    Increase in Principal Amount of this Global Note</P></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Principal
    </FONT>Amount of this Global Note following such Decrease or Increase</P></TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; border-bottom: Black 0.5pt solid">Signature
    of Authorized Officer of Trustee of Notes Custodian</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">2.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Form of Trustee&#8217;s Certificate of Authentication</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Trustee&#8217;s certificate of authentication
shall be in substantially the following form:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">This is one of the Notes referred to in the
within mentioned Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Dated:&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 50%; text-indent: -2%">THE BANK OF NEW YORK MELLON,<BR>
as Trustee</P>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 48pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-right: 10pt; padding-left: 10pt; text-align: right; width: 50%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: right">&nbsp;</TD>
  <TD><P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-bottom: 0pt">
&#9;Authorized Officer&#9;</P>

</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">2.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Office or Agency</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">With respect to any Notes
that are not in the form of a Global Note, the Company will maintain an office or agency in the Borough of Manhattan, The City of New
York, in accordance with Section&nbsp;10.2 of the Base Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">2.5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Prescription Period</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Claims for payment of principal
in respect of the Notes shall be prescribed upon the expiration of 10 years, and claims for payment of interest in respect of the Notes
shall be prescribed upon the expiration of 5 years, in each case from the Relevant Date thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">2.6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Defeasance and Covenant Defeasance </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The provisions of Article&nbsp;13
of the Base Indenture shall be applicable with respect to the Notes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendments to the Base Indenture</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the Notes only (and, for the avoidance of doubt, not with respect to any other series of notes issued pursuant
to the Base Indenture on or prior to the date hereof) Article 1.1 (&#8220;Definitions&#8221;) of the Base Indenture is hereby amended
by the addition of the following new defined term (without any effect on the other defined terms contained therein):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in">&#8220;<B>&#8220;Judgment Currency&#8221;</B>
has the meaning specified in Section 10.13.&#8221;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the Notes only (and, for the avoidance of doubt, not with respect to any other series of notes issued pursuant
to the Base Indenture on or prior to the date hereof) Article&nbsp;5.1.2 of Article&nbsp;5.1 (&#8220;Events of Default&#8221;) of the
Base Indenture is hereby deleted in its entirety and amended and restated in its entirety as follows:</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in">&#8220;<B>5.1.2</B>&#9;a failure to pay
any principal or premium, if any, (or related Additional Amounts, if any) on any of the Securities of the series on the date when due;&#8221;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the Notes only (and, for the avoidance of doubt, not with respect to any other series of notes issued pursuant
to the Base Indenture on or prior to the date hereof) Article&nbsp;10 of the Base Indenture is hereby amended and restated by the addition
of the following Sections&nbsp;10.12 and 10.13 (without any effect on the other sections contained in Article&nbsp;10 therein):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><B>10.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification
of Judgment Currency</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The Company and the Guarantor
shall jointly and severally indemnify the Trustee and any Holder of a Security against any loss incurred by the Trustee or such Holder,
as the case may be, as a result of any judgment or order being given or made for any amount due under this Indenture or such Security
and being expressed and paid in a currency (the &#8220;Judgment Currency&#8221;) other than Dollars, and as a result of any variation
between (i) the rate of exchange at which the Dollar amount is converted into the Judgment Currency for the purpose of such judgment or
order and (ii) the spot rate of exchange in The City of New York at which the Trustee or such Holder, as the case may be, on the date
of payment of such judgment or order is able to purchase Dollars with the amount of the Judgment Currency actually received by the Trustee
or such Holder. The foregoing indemnity shall constitute a separate and independent obligation of the Company and the Guarantor and shall
continue in full force and effect notwithstanding any such judgment or order as aforesaid and shall survive the resignation or removal
of the Trustee or discharge of the Indenture. The term &#8220;spot rate of exchange&#8221; shall include any premiums and costs of exchange
payable in connection with the purchase of, or conversion into, Dollars.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><B>10.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership
of the Company and Payment of Expenses</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The Guarantor will at all
times own, either directly or indirectly, 100% of the shares of the Company. The Guarantor will determine and timely pay all fees, taxes,
tariffs, service company expenses and other monies required to be paid in connection with the establishment and maintenance of the existence
of the Company under Cayman Islands law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the Notes only (and, for the avoidance of doubt, not with respect to any other series of notes issued pursuant
to the Base Indenture on or prior to the date hereof) Article 11.6.1 of Article 11.6 (&#8220;Optional Redemption Due to Changes in Tax
Treatment) of the Base Indenture is hereby deleted in its entirety and amended and restated in its entirety as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in">&#8220;<B>11.6.1</B>&#9;&#9;If, as a result
of any amendment to, or change in, the laws (or any rules or regulations thereunder) of the Cayman Islands, Brazil or a Successor Jurisdiction,
or any political subdivision or taxing authority thereof or therein affecting taxation or any amendment to or change in an official interpretation,
administration or application of such laws, rules or regulations (including a holding by a court of competent jurisdiction), which amendment
or change of such laws, rules or regulations or the interpretation thereof becomes effective on or after the date specified therefor in
the Securities of a series or the date the Successor Jurisdiction becomes a Successor Jurisdiction, the Company, the Guarantor or their successors would be obligated
to pay Additional Amounts in respect of the Securities of such series pursuant to the terms and conditions thereof in respect of Foreign
Taxes (in the case of the Guarantor or its successor, imposed at a rate in excess of 15%, and in the case of the Company or its successor,
imposed at a rate in excess of 0%), and if such obligation cannot be avoided by the Company, the Guarantor or their successors, as applicable,
after taking measures the Company, the Guarantor or their successors, as applicable, considers reasonable to avoid it, then, at the Company&#8217;s,
the Guarantor&#8217;s or their successors&#8217;, option, the Securities of such series may be redeemed in whole, but not in part, at
any time, on giving not less than 10 nor more than 60 days&#8217; notice to the Holders of such Securities, at a Redemption Price equal
to 100% of the principal amount thereof and any premium applicable thereto, together with accrued interest up to but not including the
Redemption Date and any Additional Amounts which would otherwise be payable; provided, however, that (1) no notice of such redemption
may be given earlier than 90 days prior to the earliest date on which the Company, the Guarantor or their successors, as applicable, would
but for such redemption be obligated to pay such Additional Amounts were a payment on such Securities then due, and (2) at the time such
notice is given, such obligation to pay such Additional Amounts remains in effect.&#8221;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Miscellaneous Provisions</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">4.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Separability of Invalid Provisions</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">In case any one or more
of the provisions contained in this Second Supplemental Indenture or the Securities of any series should be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions contained in this Second Supplemental
Indenture or such Securities, and to the extent and only to the extent that any such provision is invalid, illegal or unenforceable, this
Second Supplemental Indenture and such Securities shall be construed as if such provision had never been contained herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">4.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Execution in Counterparts</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">This Second Supplemental
Indenture may be simultaneously executed and delivered in any number of counterparts, each of which when so executed and delivered shall
be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. Counterparts may be delivered
via facsimile, electronic mail (including any electronic signature covered by the U.S. Federal ESIGN Act of 2000, Uniform Electronic Transactions
Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart
so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Trustee</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or for or
in respect of the recitals contained herein, all of which are made solely by the Company and the Guarantor.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: windowtext">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: windowtext">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Data Protection</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Upon each purchase or transfer
of the Notes, each Holder or transferee thereof is deemed (i) to have acknowledged receipt of the Company&#8217;s privacy notice (which
can be accessed via routine investor communications and provides information on the Company&#8217;s use of personal data in accordance
with the Cayman Islands Data Protection Act (as amended) and, in respect of any EU data subjects, the EU General Data Protection Regulation)
and (ii) if applicable, to have agreed to promptly provide the privacy notice (or any updated version thereof as may be provided from
time to time) to each individual (such as any individual directors, shareholders, beneficial owners, authorized signatories, trustees
or others) whose personal data it provides to the Company or any of its affiliates or delegates including, but not limited to, Captiva
Global Financial Services in its capacity as administrator of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">[<I>Signature page follows.</I>]</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">IN WITNESS WHEREOF, each of the parties hereto
has caused this Second Supplemental Indenture to be duly executed on its behalf, all as of the date first written above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0pt 0pt 50%">VALE OVERSEAS LIMITED</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0 3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 48pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-right: 10pt; padding-left: 10pt; text-align: right; width: 50%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ Adriana Barbosa Areias</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: right">&nbsp;</TD>
  <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt"><U></U>Name: Adriana Barbosa Areias</P>

<P STYLE="margin-top: 0pt; font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt">Title: Attorney-in-fact</P>

</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 48pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-right: 10pt; padding-left: 10pt; text-align: right; width: 50%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ Jo&atilde;o Barbosa Campbell Penna&#9;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: right">&nbsp;</TD>
  <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt"><U></U>Name: Jo&atilde;o Barbosa Campbell Penna&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Title:&#9;Director</P>

</TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0pt 0pt 50%">VALE S.A.</P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 48pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-right: 10pt; padding-left: 10pt; text-align: right; width: 50%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ Adriana Barbosa Areias&#9;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: right">&nbsp;</TD>
  <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt"><U></U>Name: Adriana Barbosa Areias</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Title:&#9;Attorney-in-fact&#9;</P>

</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 48pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-right: 10pt; padding-left: 10pt; text-align: right; width: 50%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ Jo&atilde;o Barbosa Campbell Penna&#9;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: right">&nbsp;</TD>
  <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt"><U></U>Name: Jo&atilde;o Barbosa Campbell Penna&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Title:&#9;Attorney-in-fact</P>

</TD></TR>
</TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 50%; text-indent: -2%">THE BANK OF NEW YORK MELLON,<BR>
as Trustee</P>


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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-right: 10pt; padding-left: 10pt; text-align: right; width: 50%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ Michael Commisso&#9;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: right">&nbsp;</TD>
  <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt"><U></U>Name: Michael Commisso</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Title:&#9;Vice President&#9;</P>

</TD></TR>
</TABLE>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ex5-1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><IMG SRC="vale202406276k1_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><I>Execution Version</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Rio de Janeiro, June 28, 2024</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">I am the General Counsel
of Vale S.A. (&#8220;<U>Vale</U>&#8221; or the &#8220;<U>Guarantor</U>&#8221;), a corporation organized and existing under the laws of
the Federative Republic of Brazil (&#8220;<U>Brazil</U>&#8221;), and have acted as Brazilian counsel of Vale and Vale Overseas Limited,
a wholly owned subsidiary of Vale organized and existing under the laws of the Cayman Islands (&#8220;<U>Vale Overseas</U>&#8221; or the
&#8220;<U>Company</U>&#8221;), in connection with the Company&#8217;s offering pursuant to a registration statement on Form F-3/A (Nos.
333-271248 and 333-271248-01) (the &#8220;<U>Registration Statement</U>&#8221;) filed with the United States Securities and Exchange Commission
(the &#8220;<U>SEC</U>&#8221;) of US$1,000,000,000 aggregate principal amount of 6.400% Guaranteed Notes due 2054 (the &#8220;<U>Notes</U>&#8221;),
<FONT STYLE="letter-spacing: 0.05pt">t</FONT><FONT STYLE="letter-spacing: -0.15pt">o</FONT><FONT STYLE="letter-spacing: 0.1pt">g</FONT>e<FONT STYLE="letter-spacing: 0.05pt">t</FONT>h<FONT STYLE="letter-spacing: -0.15pt">e</FONT>r
<FONT STYLE="letter-spacing: -0.2pt">w</FONT><FONT STYLE="letter-spacing: -0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">t</FONT>h
a <FONT STYLE="letter-spacing: 0.1pt">g</FONT>u<FONT STYLE="letter-spacing: -0.15pt">a</FONT><FONT STYLE="letter-spacing: 0.05pt">r</FONT>an<FONT STYLE="letter-spacing: 0.05pt">t</FONT>ee
<FONT STYLE="letter-spacing: -0.15pt">o</FONT>f <FONT STYLE="letter-spacing: -0.05pt">V</FONT>a<FONT STYLE="letter-spacing: -0.05pt">l</FONT>e
<FONT STYLE="letter-spacing: 0.05pt">r</FONT>e<FONT STYLE="letter-spacing: -0.05pt">l</FONT>a<FONT STYLE="letter-spacing: 0.05pt">t</FONT><FONT STYLE="letter-spacing: -0.2pt">i</FONT>ng
<FONT STYLE="letter-spacing: 0.05pt">t</FONT>o <FONT STYLE="letter-spacing: 0.05pt">t</FONT>he <FONT STYLE="letter-spacing: -0.05pt">Notes</FONT>
<FONT STYLE="letter-spacing: 0.05pt">(t</FONT>he &#8220;<FONT STYLE="letter-spacing: 0.05pt"><U>G</U></FONT><U>ua<FONT STYLE="letter-spacing: 0.05pt">r</FONT>a<FONT STYLE="letter-spacing: -0.15pt">n</FONT><FONT STYLE="letter-spacing: 0.05pt">t</FONT>ee</U><FONT STYLE="letter-spacing: -0.1pt">&#8221;</FONT><FONT STYLE="letter-spacing: 0.05pt">)</FONT>,
<FONT STYLE="letter-spacing: 0.1pt">to be </FONT><FONT STYLE="letter-spacing: -0.05pt">i</FONT>ssued under <FONT STYLE="letter-spacing: 0.05pt">t</FONT>he
<FONT STYLE="letter-spacing: -0.05pt">A</FONT><FONT STYLE="letter-spacing: 0.05pt">m</FONT>ended and <FONT STYLE="letter-spacing: -0.05pt">R</FONT>e<FONT STYLE="letter-spacing: -0.1pt">s</FONT><FONT STYLE="letter-spacing: 0.05pt">t</FONT><FONT STYLE="letter-spacing: -0.15pt">a</FONT><FONT STYLE="letter-spacing: 0.05pt">t</FONT>ed
<FONT STYLE="letter-spacing: 0.05pt">I</FONT>nden<FONT STYLE="letter-spacing: 0.05pt">t</FONT><FONT STYLE="letter-spacing: -0.15pt">u</FONT><FONT STYLE="letter-spacing: 0.05pt">r</FONT>e
d<FONT STYLE="letter-spacing: -0.15pt">a</FONT><FONT STYLE="letter-spacing: 0.05pt">t</FONT>ed as <FONT STYLE="letter-spacing: -0.15pt">o</FONT>f
<FONT STYLE="letter-spacing: -0.05pt">August 4, 2021</FONT> <FONT STYLE="letter-spacing: 0.05pt">(t</FONT>he <FONT STYLE="letter-spacing: 0.05pt">&#8220;</FONT><FONT STYLE="letter-spacing: -0.05pt"><U>B</U></FONT><U>ase
<FONT STYLE="letter-spacing: 0.05pt">I</FONT>nde<FONT STYLE="letter-spacing: -0.15pt">n</FONT><FONT STYLE="letter-spacing: 0.05pt">t</FONT>u<FONT STYLE="letter-spacing: 0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.1pt">e</FONT></U><FONT STYLE="letter-spacing: 0.05pt">&#8221;</FONT><FONT STYLE="letter-spacing: -0.1pt">)</FONT>,
<FONT STYLE="letter-spacing: -0.15pt">as </FONT>supp<FONT STYLE="letter-spacing: -0.05pt">l</FONT>e<FONT STYLE="letter-spacing: 0.05pt">m</FONT>en<FONT STYLE="letter-spacing: 0.05pt">t</FONT>ed
by <FONT STYLE="letter-spacing: -0.05pt">the Second Supplemental Indenture thereto dated as of </FONT>June 28<FONT STYLE="letter-spacing: -0.05pt">,
2024 </FONT>(the &#8220;<U>Second Supplemental Indenture</U>&#8221; and <FONT STYLE="letter-spacing: 0.05pt">t</FONT><FONT STYLE="letter-spacing: -0.15pt">o</FONT><FONT STYLE="letter-spacing: 0.1pt">g</FONT>e<FONT STYLE="letter-spacing: 0.05pt">t</FONT>h<FONT STYLE="letter-spacing: -0.15pt">e</FONT>r
<FONT STYLE="letter-spacing: -0.2pt">w</FONT><FONT STYLE="letter-spacing: -0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">t</FONT>h
<FONT STYLE="letter-spacing: 0.05pt">t</FONT>he <FONT STYLE="letter-spacing: -0.05pt">B</FONT>ase <FONT STYLE="letter-spacing: 0.05pt">I</FONT>nden<FONT STYLE="letter-spacing: -0.05pt">t</FONT>u<FONT STYLE="letter-spacing: 0.05pt">r</FONT>e,
<FONT STYLE="letter-spacing: 0.05pt">t</FONT>he <FONT STYLE="letter-spacing: 0.1pt">&#8220;</FONT><FONT STYLE="letter-spacing: 0.05pt"><U>I</U></FONT><U>nde<FONT STYLE="letter-spacing: -0.15pt">n</FONT><FONT STYLE="letter-spacing: 0.05pt">t</FONT>u<FONT STYLE="letter-spacing: 0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.15pt">e</FONT></U><FONT STYLE="letter-spacing: 0.05pt">&#8221;</FONT><FONT STYLE="letter-spacing: -0.1pt">)</FONT>,
<FONT STYLE="letter-spacing: -0.15pt">a</FONT><FONT STYLE="letter-spacing: 0.05pt">m</FONT>o<FONT STYLE="letter-spacing: -0.15pt">n</FONT>g
<FONT STYLE="letter-spacing: 0.05pt">t</FONT>he <FONT STYLE="letter-spacing: -0.05pt">C</FONT>o<FONT STYLE="letter-spacing: 0.05pt">m</FONT>pan<FONT STYLE="letter-spacing: -0.1pt">y</FONT>,
<FONT STYLE="letter-spacing: 0.05pt">t</FONT>he <FONT STYLE="letter-spacing: 0.05pt">G</FONT>ua<FONT STYLE="letter-spacing: 0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.15pt">a</FONT>n<FONT STYLE="letter-spacing: 0.05pt">t</FONT>or
and <FONT STYLE="letter-spacing: 0.1pt">T</FONT>he <FONT STYLE="letter-spacing: -0.05pt">B</FONT>a<FONT STYLE="letter-spacing: -0.15pt">n</FONT>k
<FONT STYLE="letter-spacing: -0.15pt">of </FONT><FONT STYLE="letter-spacing: -0.05pt">N</FONT>ew <FONT STYLE="letter-spacing: -0.05pt">Y</FONT>o<FONT STYLE="letter-spacing: 0.05pt">r</FONT>k
<FONT STYLE="letter-spacing: -0.2pt">M</FONT>e<FONT STYLE="letter-spacing: -0.05pt">ll</FONT>on, as <FONT STYLE="letter-spacing: 0.05pt">tr</FONT>us<FONT STYLE="letter-spacing: 0.05pt">t</FONT>ee.
Vale will unconditionally guarantee all of Vale Overseas&#8217; obligations under the Notes pursuant to the Indenture. The Notes and the
Guarantee are referred to collectively herein as the &#8220;<U>Securities</U>.&#8221; All capitalized terms used herein and not otherwise
defined shall have the meanings assigned to such terms in the Registration Statement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In rendering the opinions set
forth below, I have examined originals, or copies identified to my satisfaction of the documents listed below:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Registration Statement and
the documents incorporated by reference therein;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vale&#8217;s bylaws as approved
at its extraordinary general shareholders&#8217; meetings held on December 21, 2022 and April 28, 2023;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the minutes of Vale&#8217;s annual
and extraordinary shareholders&#8217; meetings dated April 28, 2023, at which the current members of Vale&#8217;s board of directors were
appointed;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the minutes of Vale&#8217;s board
of directors&#8217; meetings dated March 8, 2024 and May 23, 2024, at which Vale&#8217;s current executive officers were appointed;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the certificate, dated June 21,
2024, signed&nbsp; by the secretary to Vale&#8217;s Executive Committee, certifying that, pursuant to the powers granted by Vale&#8217;s
bylaws, the Vale&#8217;s Executive Committee has delegated to Vale&#8217;s Vice-President of Finance and Investors Relations, by means
of the latest version of Vale&#8217;s Authority Norm, dated as of November 13, 2023 (the &#8220;<U>Authority Norm</U>&#8221;), powers
to approve the engagement and renegotiation of loans and financing, the repurchase and prepayment of loans and financing with third parties,
including commissions, premiums, compensations or equivalents, related to the settlement of debt transactions of Vale and its wholly-owned
subsidiaries, up to the consolidated annual debt limit approved by Vale&#8217;s Board of Directors based on the concept of expanded net
debt;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the certificate, dated June 21,
2024, signed by the secretary to Vale&#8217;s Board of Directors, certifying that Vale&#8217;s Board of Director approved, on November
30, 2023, the range of US$10 billion to US$20 billion for Vale&#8217;s expanded net debt;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the officer&#8217;s certificate,
dated June 25, 2024, signed by Vale&#8217;s Vice-President of Finance and Investors Relations approving the terms and conditions of the
offering by Vale Overseas of the Notes;</FONT></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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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the certificate, dated June 24,
2024, signed by the Head of Treasury and Corporate Finance (VP-1 of Finance of the Guarantor), certifying, in accordance with the Authority
Norm, the approval of a corporate guarantee by Vale in favor of Vale Overseas for the offering of the Notes; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the power-of-attorney, dated
June 25, 2024, issued by the Guarantor naming attorneys-in-fact of the Guarantor with powers to execute the Transaction Documents (as
defined below); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Base Indenture, the First
Supplemental Indenture and the Second Supplemental Indenture.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I have also examined the records,
agreements, instruments and documents and made such investigations of law as I have deemed relevant or necessary as the basis for the
opinions hereinafter expressed. I have also assumed, for purposes of the opinions expressed herein, that:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no provision of the Indenture
or of the Securities conflicts with or is otherwise invalid, illegal or unenforceable under the laws of any jurisdiction (other than Brazil);
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at the time of the execution
and delivery of the Indenture and of the Securities, they will have been duly authorized pursuant to applicable law (other than Brazilian
law).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I have also assumed, without
any independent investigation or verification of any kind, the validity, legality, binding effect and enforceability of the Indenture
and of the Securities under the laws of the state of New York and the Cayman Islands, as the case may be.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Furthermore, I have assumed (i)
the due organization and valid existence of all parties (other than Vale) to the Indenture under the laws of the countries of their respective
incorporation; (ii)&nbsp;that the Indenture and the Securities will have been duly authorized and validly executed and delivered by the
parties thereto (other than Vale); (iii) that the performance thereof is within the capacity and powers of the parties thereto (other
than Vale); and (iv) the genuineness of all signatures on original or certified copies of all persons other than the officers and representatives
of Vale, the authenticity of documents submitted to me as originals and the conformity to original of all copies submitted to me as certified
or reproduction copies.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">My opinions are delivered on
the basis of my professional legal judgment and on the basis of the knowledge and investigation of Vale&#8217;s Legal Department, which
I oversee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">My opinions are limited to the
laws of Brazil as of the date hereof. In particular, I have made no independent investigation of the laws of the State of New York, as
the governing law of the Indenture, and I do not express or imply opinions on such laws.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Based upon the foregoing and
subject to the qualifications and limitations described elsewhere in this document, I am of the opinion that, on the date hereof:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vale has been duly incorporated
and is validly existing as a <I>sociedade an&ocirc;nima</I> under the laws of Brazil; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Indenture and the Guarantee
have been duly authorized by Vale; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Guarantee has been duly
executed, authenticated, issued and delivered in accordance with their respective provisions, and in the case of the Guarantee, with the
provisions of the Indenture, and in accordance with the applicable definitive underwriting agreement, upon payment of
the consideration therefor provided for therein, the Indenture and the Guarantee will be duly authorized, executed and delivered and will
be a valid and binding obligation of Vale.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The foregoing opinions are, however,
subject to the following qualifications and limitations:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To ensure the enforceability
or the admissibility in evidence of the Indenture and any other document required by any Brazilian court to be furnished: (a) the signatures
of the parties thereto signing outside Brazil must be notarized by a notary public licensed as such under the law of the place of signing;
(b) the signature of such notary must be certified by a consular official of Brazil having jurisdiction to provide for such action or
be apostilled in accordance with the Convention Abolishing the Requirement of Legalization for Foreign Public Documents; and (c) the Indenture
and any other documents or instruments prepared in a language other than Portuguese (whether signed abroad or not) must be translated
into Portuguese language by a sworn translator, except if such procedures were exempted by an international treaty entered into by Brazil;
absent such notarization and authentication, the Indenture and any other documents or instruments prepared in a language other than Portuguese,
together with its respective sworn translation, must be registered with the appropriate Registry of Deeds and Documents (for which certain
translation and registration fees would apply), which may be done immediately prior to any such enforcement or presentation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any judgment against Vale for
the payment of certain sum of money rendered by any Federal or State Court in the City, County and State of New York in respect of the
Indenture or of the Securities should be recognized in the courts of Brazil, and such courts would enforce such judicial decision without
retrial or re-examination of the merits of the original decision only if such judicial decision has been previously ratified by the Superior
Court of Justice (<I>Superior Tribunal de Justi&ccedil;a</I>); which ratification is available only if the judicial decision: (a) is for
the payment of a sum certain of money; (b) fulfills all formalities required for its enforceability under the laws of the state of New
York, (c) was issued by a competent court after proper service of process was properly made on the parties, which service of process must
comply with Brazilian law or, after sufficient evidence of the parties&#8217; absence has been given, as established pursuant to applicable
law, (d) is final and, therefore, is not subject to appeal, (e) does not violate a final and appealable decision issued by a Brazilian
Court and does not violate the exclusive jurisdiction of the Brazilian judiciary authority, (f) was authenticated by a Brazilian consulate
in the state of New York or is duly apostilled in accordance with the Convention Abolishing the Requirement of Legalization for Foreign
Public Documents dated as of October 5, 1961, pursuant to Decree No. 8,660 dated as of January 29, 2016 and is accompanied by a certified
sworn translation thereof into Portuguese prepared by a sworn translator registered in Brazil, except if such procedure was exempted by
an international treaty entered into by Brazil, and (g) is not contrary to Brazilian national sovereignty, public order or good morals
(as provided in Article 17 of Decree Law No. 4,657/42);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any documents in a foreign language
(including without limitation documents relating to any foreign judgment) to be admitted in Brazilian courts or any other Brazilian public
authority will have to be translated into Portuguese by a sworn translator (for which translation certain fees would apply).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pursuant to the regulations
                                                                                                                                                of the Central Bank of Brazil (the &#8220;<U>Central Bank</U>&#8221;) relating to foreign exchange and capital, individuals and
                                                                                                                                                legal entities may enter into transactions for the purchase and sale of foreign currency, without limitation on amount, with due
                                                                                                                                                regard for the terms and conditions of the regulation and the validity of the specific transaction, based on the economic grounds
                                                                                                                                                and liabilities defined in the respective document. In accordance
therewith, Vale may remit funds in foreign currency to cover financial obligations assumed by offshore subsidiaries. Furthermore, pursuant
to regulations of the Central Bank, it is possible for the Brazilian guarantor to deposit the corresponding amount in Brazilian currency
at a non-resident account held in Brazil by the foreign creditor, which would then be able to freely convert such funds into foreign currency
for remittance abroad;</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any amounts to be paid under
the Guarantee in excess of the amounts provided for in such Guarantee or the Indenture, if any, will depend on the analysis of the legality
and economic grounds by the Brazilian commercial bank chosen to implement the relevant foreign exchange control transactions or, as the
case may be, pursuant to a special authorization and/or registration to be obtained from the Central Bank, which authorization and/or
registration will be granted at the Central Bank&#8217;s sole discretion;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Certain payments in U.S. Dollars
by Vale in connection with the Indenture or the Securities may be subject to Vale obtaining the applicable authorization of the Central
Bank for remittance thereof, including the Foreign Capital Information Reporting System &#8211; External Credit (<I>Sistema de Presta&ccedil;&atilde;o
de Informa&ccedil;&otilde;es de Capital Estrangeiro &#8211; Cr&eacute;dito Externo </I>&#8211; <I>&#8220;SCE</I>&#8221;);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The enforceability of the Indenture
and of the Securities is limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization or other similar laws relating
to or limiting creditors&#8217; rights generally or by general equitable principles and, in the event of a bankruptcy of Vale, certain
credits, such as credits for salaries, wages, social security and taxes, will have preference over any claims, including secured ones;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In case of bankruptcy, all credits
denominated in foreign currency shall be converted into local currency at the exchange rate prevailing on the date of the issuance of
the decision declaring the bankruptcy, and the amount so determined shall be the amount so considered for any payments to creditors in
the bankruptcy;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event that any suit is
brought against Vale under or in connection with the Guarantee, service of process upon Vale, if made in Brazil, must be effected in accordance
with Brazilian law;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The enforceability of the Indenture
or any related documents in the courts of Brazil is subject to the payment of certain expenses and court fees;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any judgment obtained against
Vale in the courts of Brazil in respect of any sum payable by it under the Guarantee will be expressed in the Brazilian currency equivalent
of the U.S. dollar amount of such sum; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Under Brazilian laws, properties
and assets of a public concessionaire bound to the performance of the applicable concession agreement are not subject to attachment, either
prior to judgment, in aid of execution, or otherwise; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Under Brazilian law, injunctive
relief may or may not be granted at the discretion of the Brazilian courts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I express no opinion as to any
agreement, instrument or other document other than as specified in this letter.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I hereby consent to the filing
of this opinion on Form 6-K and to its incorporation by reference in the Registration Statement.</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I am qualified to practice law
in Brazil only, and I do not express any opinion in respect of any laws of any other jurisdiction. This opinion is based upon and limited
in all respects to the law applicable in Brazil as presently published, existing and in force.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I expressly disclaim any responsibility
to advise you or any other person who is permitted to rely on the opinions expressed herein as specified above of any development or circumstance
of any kind including any change of law or fact that may occur after the date of this letter even though such development, circumstance
or change may affect the legal analysis, a legal conclusion or any other matter set forth in or relating to this letter. Accordingly,
any person relying on this letter at any time should seek advice of its counsel as to the proper application of this letter at such time.
</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This opinion may be relied upon,
as of the date rendered, only by you, and no other person may rely upon this opinion without my prior written consent.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><I>[Signature Page Follows]</I></P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 24pt; text-align: center">Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">________<U>/s/ Alexandre Silva D&#8217;Ambrosio</U>_______</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">Alexandre Silva
D'Ambrosio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">General Counsel</P>

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

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

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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><IMG SRC="vale202406276k1_002.jpg" ALT="" STYLE="height: 28px; width: 143px"></P></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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  <TD STYLE="text-align: left; width: 50%">28 June 2024</TD>
  <TD STYLE="text-align: right; width: 50%">Our Ref: LB/cb/V0635-190626</TD></TR>
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: justify"><FONT STYLE="text-transform: none">TO
THE ADDRESSEES SET OUT IN SCHEDULE 4</FONT></P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify">US$1,500,000,000
6.125% GUARANTEED NOTES DUE 2033</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We have acted as Cayman Islands counsel to Vale
Overseas Limited, a Cayman Islands company (the &quot;<B>Company</B>&quot;), in connection with the Company&#8217;s offering pursuant
to the Registration Statement (as defined in Schedule 1) of its US$1,500,000,000 6.125% Guaranteed Notes due 2033 (the &quot;<B>Notes</B>&quot;)
pursuant to the Indenture (as defined in&nbsp;Schedule&nbsp;1). The Notes will be unconditionally guaranteed by the Guarantor (as defined
in Schedule&nbsp;1).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">For the purposes of giving this opinion, we
have examined and relied upon the originals, copies or translations of the documents listed in Schedule 1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In giving this opinion we have relied upon the
assumptions set out in Schedule 2, which we have not independently verified.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Based upon the foregoing examinations and assumptions
and upon such searches as we have conducted and having regard to legal considerations which we consider relevant, and subject to the qualifications
set out in Schedule 3, and under the laws of the Cayman Islands, we give the following opinions in relation to the matters set out below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The Company has full corporate power, authority and legal right to execute and deliver the Documents to
which it is a party, to issue and offer the Notes and to perform its obligations under the Documents and the Notes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">The execution of the Documents to which the Company is a party and the issue of the Notes have been duly authorised
by the Company, and the Documents (other than the Global Note (as defined in Schedule 1)) have been duly executed by the Company. The
Documents when delivered and the Global Note when duly executed, authenticated and delivered, will constitute the legal, valid and binding
obligations of the Company enforceable in accordance with their respective terms.</TD></TR></TABLE>

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    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 4.5pt; text-align: right"><B>Walkers</B></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 4.5pt; text-align: right">190 Elgin Avenue, George Town</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 4.5pt; text-align: right">Grand Cayman KY1-9001, Cayman Islands</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 4.5pt; text-align: right"><B>T</B> +1 345 949 0100 <B>F</B> +1 345
    949 7886 <FONT STYLE="color: Blue"><U>www.walkersglobal.com</U></FONT></P>
    <P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0 0 4.5pt; text-align: right">Bermuda | British Virgin Islands | Cayman Islands
    | Dubai | Guernsey | Hong Kong | Ireland | Jersey | London | Singapore</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 4.5pt; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>



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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The issue of the Notes and the execution, delivery and performance of the Documents to which the Company
is a party, the consummation of the transactions contemplated thereby and the compliance by the Company with the terms and provisions
thereof do not:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">contravene any law or public rule or regulation of the Cayman Islands applicable to the Company which
is currently in force; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">contravene the Memorandum and Articles (as defined in Schedule 1).</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 48pt; text-align: left">Yours faithfully</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: left"><FONT STYLE="font-weight: normal; text-transform: none">/s/
Walkers (Cayman) LLP</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: left"><FONT STYLE="text-transform: none">Walkers
(Cayman) LLP</FONT></P>


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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>LIST OF DOCUMENTS EXAMINED</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The Certificate of Incorporation dated 3 April 2001, the Memorandum and Articles of Association adopted
on 6 March 2002 as amended pursuant to a special resolution dated 28 September 2020 (the &quot;<B>Memorandum and Articles</B>&quot;),
the Register of Members, the Register of Directors, the Register of Officers and the Register of Mortgages and Charges, in each case,
of the Company, copies of which have been provided to us by its registered office in the Cayman Islands (together, the &quot;<B>Company
Records</B>&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The Cayman Online Registry Information System (CORIS), the Cayman Islands' General Registry's online database,
searched on 27 June 2024.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">The Register of Writs and other Originating Processes of the Grand Court maintained by the Clerk of Court's
Office, George Town, Grand Cayman (the &quot;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-transform: none"><B>Court Register</B></FONT>&quot;),
as at 9.00 am Cayman Islands time on 27 June 2024 (the &quot;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-transform: none"><B>Search
Time</B></FONT>&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">A copy of a Certificate of Good Standing dated 20 June 2024 in respect of the Company issued by the Registrar
(the &quot;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-transform: none"><B>Certificate of Good Standing</B></FONT>&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">A copy of executed a copy of executed written resolutions of the Board of Directors of the Company dated
25 June 2024 setting out the resolutions adopted thereunder (the &quot;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-transform: none"><B>Resolutions</B></FONT>&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">Copies of the following documents:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">an executed copy of the second supplemental indenture dated as of 25 June 2024 (the &quot;<B>Second Supplemental
Indenture</B>&quot;) among the Company as issuer, Vale S.A. as guarantor (the &quot;<B>Guarantor</B>&quot;) and The Bank of New York Mellon
as trustee (the &quot;<B>Trustee</B>&quot;), supplementing the amended and restated indenture dated as of 4 August 2021 (together with
the Second Supplemental Indenture, the &quot;<B>Indenture</B>&quot;) among the Company as issuer, the Guarantor and the Trustee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">an executed copy of the terms agreement dated 25 June 2024 among the Company as issuer, the Guarantor
and the Underwriters (as defined therein) and the underwriting agreement basic provisions incorporated therein; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">(c)</FONT></TD><TD STYLE="text-align: justify">the form of global securities relating to the Notes with the notation thereon of the guarantee by the
Guarantor (the &quot;<B>Global Note</B>&quot;).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify">The documents listed in paragraphs 6 (a)
to (c) above inclusive are collectively referred to in this opinion as the &quot;<B>Documents</B>&quot;.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">A copy of the executed Power of Attorney given by the Company in favour of the attorneys named therein
dated 25 June 2024 (the &quot;<B>Power of Attorney</B>&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">The Registration Statement on Form F-3 (the &quot;<B>Registration Statement</B>&quot;) issued by the Company
and filed with the Securities and Exchange Commission (the &quot;<B>SEC</B>&quot;) under the United States Securities Act of 1933 (the
&quot;<B>Securities Act</B>&quot;), as filed on 25 April 2023 incorporating the base prospectus
in respect of the continuing issue of debt securities of the Guarantor and the continuing issue of debt securities of the Company which
are guaranteed by the Guarantor (the &quot;<B>Base Prospectus</B>&quot;).</TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">The preliminary prospectus supplement dated 25 June 2024 (the &quot;<B>Preliminary Prospectus Supplement</B>&quot;)
filed with the SEC pursuant to Rule 424(b)(2) under the Securities Act and the related final prospectus supplement dated 25 June 2024
(the &quot;<B>Final Prospectus Supplement</B>&quot;) filed with the SEC pursuant to Rule 424(b)(2) under the Securities Act supplementing
the Base Prospectus in relation to the issue of the Notes (the Registration Statement, the Base Prospectus, the Preliminary Prospectus
Supplement and the Final Prospectus Supplement together constituting the &quot;<B>Offering Documents</B>&quot;).</TD></TR></TABLE>

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


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule
2</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>ASSUMPTIONS</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">There are no provisions of the laws of any jurisdiction outside the Cayman Islands which would be contravened
by the execution or delivery of the Documents or the issue and offering of the Notes and, insofar as any obligation expressed to be incurred
under the Documents or the Notes is to be performed in or is otherwise subject to the laws of any jurisdiction outside the Cayman Islands,
its performance will not be illegal by virtue of the laws of that jurisdiction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The Documents and the Notes are within the capacity, power, and legal right of, and have been or will
be duly authorised, executed and delivered by, each of the parties thereto (other than the Company).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">The Documents and the Notes constitute or, when executed and delivered or issued, will constitute the
legal, valid and binding obligations of each of the parties thereto enforceable in accordance with their terms as a matter of the laws
of all relevant jurisdictions (other than the Cayman Islands).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The choice of the laws of the jurisdiction selected to govern each of the Documents and the Notes has
been made in good faith and will be regarded as a valid and binding selection which will be upheld in the courts of that jurisdiction
and all relevant jurisdictions (other than the Cayman Islands).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">All authorisations, approvals, consents, licences and exemptions required by, and all filings and other
steps required of each of the parties to the Documents and the Notes outside the Cayman Islands to ensure the legality, validity and enforceability
of the Documents and the Notes have been or will be duly obtained, made or fulfilled and are and will remain in full force and effect
and any conditions to which they are subject have been satisfied.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">All conditions precedent, if any, contained in the Documents have been or will be satisfied or waived.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">The Board of Directors of the Company considers the execution of the Documents and the issue and offering
of the Notes and the transactions contemplated thereby to be in the best interests of the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">No disposition of property effected by the Documents or in respect of the Notes is made for an improper
purpose or wilfully to defeat an obligation owed to a creditor and at an undervalue.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">The Company was on the date of execution of the Documents to which it is a party and issue of the Notes
able to pay its debts as they became due from its own moneys, and any disposition or settlement of property effected by any of the Documents
or the Notes is made in good faith and for valuable consideration and at the time of each disposition of property by the Company pursuant
to the Documents and the Notes the Company will be able to pay its debts as they become due from its own moneys.</TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">Any Document and the Power of Attorney were either executed as a complete document (whether in counterpart
or not) in full and final form or, where the Power of Attorney or any Document was executed by or on behalf of any company, body corporate
or corporate entity, the relevant signature page was attached to such document by, or on behalf of, the relevant person or otherwise with
such person's express or implied authority.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">The Company Records are complete and accurate and all matters required by law and the Memorandum and Articles
to be recorded therein are completely and accurately so recorded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify">There are no records of the Company (other than the Company Records), agreements, documents or arrangements
other than the documents expressly referred to herein as having been examined by us which materially affect, amend or vary the transactions
envisaged in the Notes and the Documents or restrict the powers and authority of the Directors of the Company in any way or which would
affect any opinion given herein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify">The Resolutions have been duly executed (and where by a corporate entity such execution has been duly
authorised if so required) by or on behalf of each director of the Companies and the signatures and initials thereon are those of a person
or persons in whose name the Resolutions have been expressed to be signed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.</TD><TD STYLE="text-align: justify">The Resolutions and the Power of Attorney remain in full force and effect and have not been revoked or
varied.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.</TD><TD STYLE="text-align: justify">No resolution voluntarily to wind up the Company has been adopted by the members of the Company and no
event of a type which is specified in the Memorandum and Articles as giving rise to the winding up of the Company (if any) has in fact
occurred.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.</TD><TD STYLE="text-align: justify">No amounts paid to or for the account of any party under the Documents or any property received or disposed
of by any party to the Documents in each case in connection with the performance of the Documents or the consummation of the transactions
contemplated thereby, represent or will represent proceeds of criminal conduct or criminal property as defined in the Proceeds of Crime
Act (as amended) (the &quot;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-transform: none"><B>POCA</B></FONT>&quot;) or
terrorist property as defined in the POCA or the Terrorism Act (as amended) (the &quot;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-transform: none"><B>Terrorism
Act</B></FONT>&quot;), each of the Cayman Islands.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.</TD><TD STYLE="text-align: justify">As a matter of all relevant laws (other than the laws of the Cayman Islands) none of the Documents constitute
a security interest.</TD></TR></TABLE>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule
3</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>QUALIFICATIONS</B></P>

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

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

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

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

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

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

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

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

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

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">the effectiveness of terms in the Documents or the Notes excusing any party from a liability or duty otherwise
owed or indemnifying that party from the consequences of incurring such liability or breaching such duty shall be construed in accordance
with, and shall be limited by, applicable law, including generally applicable rules and principles of common law and equity.</TD></TR></TABLE>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">Every conveyance or transfer of property, or charge thereon, and every payment obligation and judicial
proceeding, made, incurred, taken or suffered by a company at a time when that company was unable to pay its debts within the meaning
of section 93 of the Companies Act (as amended) of the Cayman Islands (the &quot;<B>Companies Act</B>&quot;), and made or granted in favour
of a creditor with a view to giving that creditor a preference over the other creditors of the company, would be voidable upon the application
of the company's liquidator pursuant to section 145(1) of the Companies Act, if made, incurred, taken or suffered within&nbsp;the six
months preceding the commencement of a liquidation of that company. Such actions will be deemed to have been made with a view to giving
such creditor a preference if it is a &quot;related party&quot; of the company. A creditor shall be treated as a related party if it has
the ability to control the company or exercise significant influence over the company in making financial and operating decisions.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">under the Fraudulent Dispositions Act (as amended) of the Cayman Islands, at the instance of a creditor
thereby prejudiced, provided that in either case, no such
action may be commenced more than six years after the date of the relevant disposition.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">Notwithstanding any purported date of execution in any of the certificates relating to the Notes or the
Documents, the rights and obligations therein contained take effect only on the actual execution and delivery thereof but the terms of
the Notes or the Documents may provide that they have retrospective effect as between the parties thereto alone or between the Company
and the holder of the Notes, as the case may be.</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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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">The obligations of the Company may be subject to restrictions pursuant to United Nations and United Kingdom
sanctions extended to the Cayman Islands by Orders in Council.</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">Our opinion as to good standing is based solely upon receipt of the Certificate of Good Standing issued
by the Registrar. The Company shall be deemed to be in good standing under section 200A of the Companies Act on the date of issue of the
certificate if all fees and penalties under the Companies Act have been paid and the Registrar has no knowledge that the Company is in
default under the Companies Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">The Court Register may not reveal whether any out of court appointment of a liquidator or a receiver has
occurred.&nbsp;The Court Register may not constitute a complete record of the proceedings before the Grand Court as at the Search Time
including for the following reasons:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">it may not reveal whether any documents filed subsequently to an originating process by which new causes
of action and/or new parties are or may be added (including amended pleadings, counterclaims and third party notices) have been filed
with the Grand Court;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">it may not reveal any originating process (including a winding up petition, or any petition or application
for the appointment of a restructuring officer) in respect of the Company in circumstances where the Court has prior to the issuance of
such process ordered that such process upon issuance be anonymised (whether on a temporary basis or otherwise);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">it may not be updated every day;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">documents (including a winding up petition, any petition or application for the appointment of a restructuring
officer and/or any other originating process) may have been removed from it, or may not have been placed on it, where an order has been
made to that effect in a particular cause or matter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">it may not reveal any orders made ex parte on an urgent basis where the originating process is issued
subsequently pursuant to an undertaking given to the Court at the time the order is made; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">we have relied on an electronic version of the Court Register made available by the Cayman Islands' Judicial
Administration.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">We express no opinion upon the effectiveness of any clause of the Documents which provides that the terms
of such Document may only be amended in writing.</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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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify">All powers of attorney granted by the Company in any of the Documents or the certificates relating to
the Notes must be duly executed as deeds or under seal by persons authorised to do so:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in order for the donee of the power and certain third parties to benefit from certain provisions of the
Powers of Attorney Act (as amended) of the Cayman Islands (the &quot;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-transform: none"><B>Power
of Attorney Act</B></FONT>&quot;).</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the performance of an obligation owed to the donee, then, so long as the donee has that interest
or the obligation remains undischarged, the power shall not be revoked:</TD></TR></TABLE>


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.</TD><TD STYLE="text-align: justify">We express no opinion on and our opinions are subject to the effect, if any, of any provisions of any
Document or the terms and conditions of the Notes that relies upon financial or numerical computation.</TD></TR></TABLE>



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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule
4</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>ADDRESSEES</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Vale Overseas Limited</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Vale S.A.</TD></TR></TABLE>

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

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


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<TYPE>EX-5.3
<SEQUENCE>5
<FILENAME>ex5-3.htm
<DESCRIPTION>EX-5.3
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="vale202406276k1_003.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 5.3</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 1in">June 28, 2024</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Praia de Botafogo, 186, offices 1101, 1701 and 1801</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Botafogo 22250-145</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Vale Overseas Limited<BR>
190 Elgin Avenue, George Town<BR>
Grand Cayman KY1-9005, Cayman Islands</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">We have acted as special
United States counsel to Vale Overseas Limited, a Cayman Islands exempted company incorporated with limited liability (the &#8220;<U>Vale
Overseas</U>&#8221;), and to Vale S.A., a Brazilian corporation, as guarantor (the &#8220;<U>Vale</U>&#8221;), in connection with Vale
Overseas&#8217; offering pursuant to a registration statement on Form F-3 (Nos. 333-271248 and 333-271248-01) of US$1,000,000,000 aggregate
principal amount of 6.400% Guaranteed Notes due 2054 (the &#8220;<U>Notes</U>&#8221;), together with a guaranty of Vale relating to the
Notes (the &#8220;<U>Guaranty</U>&#8221;), under the Amended and Restated Indenture dated as of August 4, 2021 (the &#8220;<U>Base Indenture</U>&#8221;),
as supplemented by the Second Supplemental Indenture thereto dated as of June 28, 2024 (the &#8220;<U>Second Supplemental Indenture</U>&#8221;
and, together with the Base Indenture, the &#8220;<U>Indenture</U>&#8221;), among Vale Overseas, Vale and The Bank of New York Mellon,
as trustee. Such registration statement, as amended as of its most recent effective date April 25, 2023, insofar as it relates to the
Notes and the Guaranty (as determined for purposes of Rule 430B(f)(2) under the Securities Act of 1933, as amended (the &#8220;<U>Securities
Act</U>&#8221;)), including the documents incorporated by reference therein but excluding Exhibit 25.1 and Exhibit 25.2, is herein called
the &#8220;<U>Registration Statement</U>.&#8221;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">We have reviewed the Registration
Statement, including the Base Indenture attached thereto as an exhibit, and the Second Supplemental Indenture, and we have reviewed originals
or copies certified or otherwise identified to our satisfaction of all such corporate records of Vale and Vale Overseas and such other
instruments and other certificates of public officials, officers and representatives of Vale and Vale Overseas and such other persons,
and we have made such investigations of law, as we have deemed
appropriate as a basis for the opinions expressed below.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><IMG SRC="vale202406276k1_004.jpg" ALT="">&nbsp;</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vale Overseas Limited, p. 2</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In rendering the opinions
expressed below, we have assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of
all documents submitted to us as copies. In addition, we have assumed and have not verified the accuracy as to factual matters of each
document we have reviewed and that the Notes will be duly authenticated in accordance with the terms of the Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Based on the foregoing, and
subject to the further assumptions and qualifications set forth below, it is our opinion that, when the Indenture, the Notes and the Guaranty
have been duly executed and delivered by Vale Overseas and Vale in the forms thereof that we have examined and the Notes have been duly
delivered to and paid for by the purchasers thereof in the manner described in the Registration Statement, the Notes will be valid, binding
and enforceable obligations of Vale Overseas, entitled to the benefits of the Indenture, and the Guaranty will be a valid, binding and
enforceable obligation of Vale, entitled to the benefits of the Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Insofar as the foregoing
opinion relates to the validity, binding effect or enforceability of any agreement or obligation of Vale or Vale Overseas, (a) we have
assumed that each of Vale and Vale Overseas, as the case may be, and each other party to such agreement or obligation has satisfied those
legal requirements that are applicable to it to the extent necessary to make such agreement or obligation enforceable against it (except
that no such assumption is made as to Vale or Vale Overseas regarding matters of the federal law of the United States of America or the
law of the State of New York that in our experience normally would be applicable to general business entities in relation to transactions
of the type contemplated in the Indenture and the Securities), (b) such opinions are subject to applicable bankruptcy, insolvency and
similar laws affecting creditors&#8217; rights generally and to general principles of equity and (c) such opinions are subject to the
effect of judicial application of foreign laws or foreign governmental actions affecting creditors&#8217; rights.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">We express no opinion as
to the subject matter jurisdiction of any United States federal court to adjudicate any action relating to the Securities where jurisdiction
based on diversity of citizenship under 28 U.S.C. &sect; 1332 does not exist.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In addition, we note that
(a) the enforceability in the United States of the waiver in Section 1.14 of the Base Indenture by each of Vale and Vale Overseas of any
immunities from court jurisdiction and from legal process is subject to the limitations imposed by the U.S. Foreign Sovereign Immunities
Act of 1976 and (b) the designation in Section 1.14 of the Base Indenture of the U.S. federal courts located in the Borough of Manhattan,
city of New York as the venue for actions or proceedings relating to the Base Indenture and the Securities is (notwithstanding the waiver
in Section 1.14) subject to the power of such courts to transfer actions pursuant to 28 U.S.C. &sect; 1404(a) or to dismiss such actions
or proceedings on the grounds that such a federal court is an inconvenient forum for such actions or proceedings.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vale Overseas Limited, p. 3</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In addition, we note that
the waiver of defenses relating to the Guaranty in Article 12 of the Base Indenture may be ineffective to the extent that any such defense
involves a matter of public policy in New York.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The foregoing opinions are
limited to the federal law of the United States of America and the law of the State of New York.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">We hereby consent to the
incorporation by reference of this opinion in the Registration Statement and to the reference to this firm in the prospectus constituting
a part of the Registration Statement under the heading &#8220;Validity of the Securities&#8221; and in the prospectus supplement related
thereto under the heading &#8220;Validity of the Notes&#8221; as counsel for Vale and Vale Overseas who have passed on the validity of
the Securities being registered by the Registration Statement. In giving such consent, we do not thereby admit that we are within the
category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 3in">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 3in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 3.5in; text-indent: -0.5in">CLEARY GOTTLIEB STEEN <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&amp;
</FONT>HAMILTON LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-indent: -0.5in">By: <U>/s/ Jonathan Mendes de Oliveira</U>_____________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.5in">Jonathan Mendes de Oliveira, a Partner</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right"></P>

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