<SEC-DOCUMENT>0001292814-24-002851.txt : 20240726
<SEC-HEADER>0001292814-24-002851.hdr.sgml : 20240726
<ACCEPTANCE-DATETIME>20240725192204
ACCESSION NUMBER:		0001292814-24-002851
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20240630
FILED AS OF DATE:		20240726
DATE AS OF CHANGE:		20240725

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:		241143270

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE DOCE RIVER CO
		DATE OF NAME CHANGE:	19950602
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>vale20240725_6k2.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United States</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: left; color: gray">&nbsp;</P>

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<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; color: #007E7A; margin-top: 0pt; margin-bottom: 12pt; letter-spacing: -0.1pt; text-align: center">&nbsp;<IMG SRC="vale202407256k2_001.jpg" ALT=""></P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; color: #007E7A; margin-top: 0pt; margin-bottom: 12pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B><BR>
<BR>
Vale&rsquo;s performance in 2Q24 </B></FONT></P>

<P STYLE="color: #747678; font: 2pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 5.9pt 12pt 7.1pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt">Rio
de Janeiro, July 25<SUP>th</SUP>, 2024.</FONT> <FONT STYLE="color: #007E7A"><I>&ldquo;Our strong operational performance continues quarter
after quarter. In Iron Ore Solutions, we achieved record-high second quarter production since 2018, driven mainly by consistent performance
at S11D. As part of our strategic objective to become the supplier of choice for low-carbon steel, we are advancing on key growth projects
such as Vargem Grande and Capanema, which together will add 30 Mt of capacity in the next twelve months. Additionally, we are pleased
to announce a partnership within our Mega Hubs strategy, further strengthening our market position as a competitive direct reduction products
supplier. In Energy Transition Metals, we resumed operations at Sossego, On&ccedil;a Puma, and Salobo. We recently announced Shaun Usmar
as the new CEO to lead our copper and nickel business, bringing his extensive mining experience and strategic vision. Lastly, we are proud
to have successfully eliminated the B3/B4 dam and we are on track to conclude 53% of the decharacterization program by year-end, reinforcing
our commitment to safety and sustainability.&rdquo; </I></FONT><FONT STYLE="color: gray; letter-spacing: 0pt">commented Eduardo Bartolomeo,
Chief Executive Officer.</FONT></P>

<P STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 24pt 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Selected
financial indicators</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 52%; background-color: teal; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: teal; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-top: #747678 1pt solid; border-right: #747678 1pt solid; background-color: teal; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: teal; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: teal; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: teal; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-right: #747678 1pt solid; background-color: teal; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">Net operating revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">9,920</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">9,673</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">8,459</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">17%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">18,379</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">18,107</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">Total costs and expenses (ex-Brumadinho and dam decharacterization)<SUP>1</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">(6,974)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">(6,412)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">(5,897)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">18%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">(12,871)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">(11,815)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">Expenses related to Brumadinho event and dam decharacterization</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">(271)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">(40)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">(382)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">-90%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>3,200</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>3,219</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>-1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>2,724</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>17%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>5,924</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">6,277</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>-6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">Adjusted EBIT margin (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">32%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">33%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">-1 p.p</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">32%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">0 p.p</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">32%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">35%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">-3 p.p</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>3,993</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>3,998</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>3,438</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>16%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>7,431</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">7,712</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>-4%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">Adjusted EBITDA margin (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">40%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">41%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">-1 p.p</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">41%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">-1 p.p</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">40%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">43%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">-3 p.p</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>Proforma adjusted EBITDA <SUP>2 3</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>3,992</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>4,269</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>-6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>3,479</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>15%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>7,471</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">8,094</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484"><B>-8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">Net income attributable to Vale's shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">2,769</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">892</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">210%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">1,679</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">65%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">4,448</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">2,729</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">63%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">Net debt <SUP>4</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">8,590</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">8,908</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">10,105</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">-15%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">8,590</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">8,908</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">Expanded net debt</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">14,683</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">14,690</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">16,388</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">-10%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">14,683</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">14,690</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">Capital expenditures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #7F7F7F 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">1,328</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">1,208</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">1,395</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">-5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #7F7F7F 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">2,723</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">2,338</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 0.75pt; text-indent: 0.75pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #848484">16%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><SUP>1</SUP> Includes adjustment of US$ 83 million in 2Q24, US$ 67 million in 1Q24, US$ 150 million in 1H24, US$ 52 million in 2Q23 and US$ 87 million in 1H23 to reflect the performance of the streaming transactions at market price. <SUP>2</SUP> Excluding expenses related to Brumadinho. <SUP>3</SUP> Including the EBITDA from associates and JVs. Historical figures were restated. <SUP>4</SUP> Including leases (IFRS 16).</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B><BR>
Highlights</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Iron ore shipments increased by 5.4 Mt (+7%) y/y and 16.0 Mt (25%) q/q,
driven by record production for a second quarter since 2018, as well as by inventory sales.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">The strong shipment performance led to a Proforma EBITDA of US$ 4.0
billion. Year-on-year, Proforma EBITDA was slightly lower (-6%), mainly due to higher freight costs and concentration of maintenance activities
to maximize performance in the 2H24. Proforma EBITDA increased 15% sequentially.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; color: gray; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt">Iron ore fines C1 cash cost ex-3rd party purchases was
6% higher q/q, reaching US$ 24.9/t, mainly due to a seasonal inventory turnover impact and concentration of maintenance activities. These
effects were partially offset by the positive impact of higher production volumes and the BRL depreciation. We remain highly confident
in achieving our C1 cost guidance of US$ 21.5-23.0/t in 2024, </FONT><FONT STYLE="color: #818181; letter-spacing: -0.15pt">especially
as lower-cost volumes from the Northern System ramp-up in the 2H, while the heavier maintenance activities during the 1H set the stage
for a stronger cost and operating performance in the 2H.</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="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Iron ore fines freight cost decreased US$ 0.3/t q/q, reaching US$ 19.0/t,
US$ 6.8/t lower than the Brazil-China C3 route average in Q2, driven by our long-term affreightment contracts exposure.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Copper and nickel all-in costs were US$ 3,651/t and US$ 15,000/t in
the quarter, respectively, with both businesses on track to deliver their respective cost guidances for the year.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Capital expenditures of US$ 1.3 billion in Q2, US$ 0.1 billion higher
y/y, in line with the year&rsquo;s guidance (US$ ~6.5 billion).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Gross debt and leases of US$ 15.1 billion as of June 30<SUP>th</SUP>,
2024, US$ 0.5 billion higher q/q. In the quarter, Vale implemented a liability management strategy with a US$ 1.0 billion bond offering
and a US$ 1.0 billion tender offer and redemption program. The bond offering was concluded in June and the settlement of the tender offer
and redemption in July, resulting in a temporary increase in gross debt, which was partially offset by a US$ 0.5 billion debt repayment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; color: gray; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt">Expanded net debt of US$ 14.7 billion as of June 30</FONT><SUP>th</SUP><FONT STYLE="color: gray; letter-spacing: 0pt">,
2024, US$ 1.7 billion lower q/q, mainly driven by the proceeds received from Manara Minerals, following the Vale Base Metals partnership
deal. Vale&rsquo;s expanded net debt target remains at US$ 10-20 billion. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; color: gray; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt">US$ </FONT>1.6 <FONT STYLE="color: gray; letter-spacing: 0pt">billion
in interest on capital to be paid in September 2024, consistent with Vale&rsquo;s minimum dividend policy applied to 1H24 results.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Allocation of US$ 114 million as part of the 4<SUP>th</SUP> buyback
program in the quarter. As of the date of this report, the 4<SUP>th</SUP> buyback program was 22% complete<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 150%"><SUP>1</SUP></FONT>,
with 33.1 million shares repurchased.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">The On&ccedil;a Puma nickel mine and the Sossego copper mine resumed
activities in June, after the Par&aacute; State environmental authority reinstated their operating licenses, which were halted since April.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">The Salobo 3 processing plant operations resumed in July, after being
halted for 31 days due to a fire at the conveyor belt. Vale&rsquo;s 2024 copper production guidance of 320-355 kt has been maintained.</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Key growth projects are underway: +15 Mt at Vargem Grande and +15 Mt
at Capanema are 96% and 83% complete and on track to start-up in 4Q24 and in mid-2025, respectively.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Vale signed, in July, a partnership to build an iron ore concentration
plant in Sohar, Oman. With an initial production capacity of 12 Mtpa of high-grade iron ore concentrates, primarily suitable for direct
reduction agglomerates, the plant will feed Vale&rsquo;s pellet plants and future briquette plants in the region. The start-up is expected
in 2027. The partner will wholly own and operate the plant, and Vale will invest in the infrastructure to connect the concentration plant
to its agglomeration facilities in the region. The concentration plant development is an important step in Vale&rsquo;s strategy to develop
low-carbon solutions for the steel industry. Vale aims to replicate this asset-light investment model for metallics production in the
Mega Hubs. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">In April, Vale completed the strategic partnership with Manara Minerals,
a joint venture between Ma&rsquo;aden and Saudi Arabia&rsquo;s Public Investment Fund. Manara invested US$ 2.5 billion for a 10% equity
interest in Vale Base Metals Limited (VBM), the holding company of Vale&rsquo;s Energy Transition Metals business. </FONT></TD></TR></TABLE>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt; line-height: 150%"><SUP>1</SUP></FONT>
<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt">Related to the October 2023 4th buyback program for a total
of 150 million shares. </FONT></P>

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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="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">In June, PT Vale Indonesia Tbk (PTVI) divestment obligation was concluded.
In connection with that, the special license for PTVI was renewed until December 2035 with the possibility of an extension beyond that
period. Vale Canada Limited now owns 33.9% of PTVI&rsquo;s shares and will continue to influence PTVI through nominations to the Board
of Commissioners. Moreover, its offtake rights are preserved. Vale will deconsolidate PTVI and add its proportionate EBITDA starting in
Q3.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; color: gray; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: gray; letter-spacing: 0pt">The B3/B4 dam decharacterization was completed in May.
The dam, located in Nova Lima, Minas Gerais, was </FONT>classified with the highest emergency level in <FONT STYLE="color: gray; letter-spacing: 0pt">2019.
The B3/B4 dam was Vale&rsquo;s 14<SUP>th</SUP> upstream dam decharacterized since the Upstream Dam Decharacterization Program was created
in 2019.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Vale has voluntarily adopted the international standard issued by the
International Sustainability Standards Board (ISSB) for preparing and reporting financial information related to sustainability. The first
report under the ISSB standard is expected to be released in 2025, based on the fiscal year of 2024.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; color: gray">&#183;</FONT></TD><TD STYLE="text-align: justify">Vale has published the <FONT STYLE="color: #747678">TNFD (Taskforce on Nature-related Financial Disclosures)
report for the year of 2023</FONT>, presenting results of the application of the LEAP (Locate, Evaluate, Assess and Prepare) approach
to our direct operations in Brazil.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Vale and Komatsu have signed an agreement to develop and test, in partnership
with Cummins, Dual-Fuel haul trucks, powered by a mixture of ethanol and diesel. They will be the world's first trucks of their size,
with payloads of 230 to 290 tons, to run on ethanol. The Dual Fuel Program will contribute to Vale&rsquo;s goal of reducing scope 1 and
2 carbon emissions (direct and indirect) by 33% by 2030 and becoming net-zero by 2050.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">The Brumadinho Integral Reparation Agreement continues to progress with
75% of the agreed-upon commitments completed and in accordance with the settlement deadlines. In addition, R$ 3.6 billion were paid in
individual compensation since 2019. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/115% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">In the Mariana reparation, Vale, alongside Samarco and BHP, is in advanced
negotiations to seek a settlement of the obligations under the Framework Agreement, the Federal Public Prosecution Office Claim, and other
claims by government entities relating to Samarco&rsquo;s Fund&atilde;o dam failure. Vale remains fully committed to supporting the extensive
ongoing remediation and compensation efforts in Brazil and is engaged in reaching mutually beneficial resolution for all parties. Renova
continues to progress with its disbursements, which reached R$ 37 billion in the end of the quarter.</FONT></TD></TR></TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 9pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 9pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #7F7F7F 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 9pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net operating revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,920</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,673</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,459</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18,379</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18,107</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6,349)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5,940)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5,367)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(11,716)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(10,889)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(137)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(139)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(140)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(277)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(257)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Research and development</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(189)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(165)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(156)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(345)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(304)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(91)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(103)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(92)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(183)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(227)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Expenses related to Brumadinho &amp; dam decharacterization</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(271)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(382)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-90%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other operational expenses&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(208)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(65)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">220%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(142)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">46%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(350)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(138)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">154%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">253</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">229</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">203</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">456</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">367</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,200</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,219</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-1%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,724</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5,924</B></FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,277</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation, amortization &amp; depletion</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">793</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">779</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">714</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,507</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,435</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,993</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,998</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>0%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,438</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>16%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,431</B></FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,712</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-4%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Proforma Adjusted EBITDA&sup2;</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,992</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,269</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-6%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,479</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,471</B></FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,094</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-8%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Includes adjustment of US$ 83 million in 2Q24, US$ 67 million in 1Q24, US$ 150 million in 1H24, US$ 52 million in 2Q23 and US$ 87 million in 1H23, to reflect the performance of the streaming transactions at market price. &sup2; Excluding expenses related to Brumadinho.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B><BR>
Proforma adjusted EBITDA&ndash; US$ million, 2Q24 vs. 2Q23</B></P>

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

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-top: 0; margin-bottom: 0; letter-spacing: -0.1pt; text-align: center"><IMG SRC="vale202407256k2_002.jpg" ALT=""><B></B></P>

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

<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 6pt 0; letter-spacing: -0.1pt; text-align: justify"><B>Volume
sold - Minerals and metals</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>&lsquo;000 metric tons</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">79,792</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">74,374</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">63,827</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">143,619</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">130,032</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">68,512</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">63,329</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">52,546</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">121,058</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">109,190</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">ROM</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,416</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,236</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,056</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4,471</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,900</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pellets</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,864</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,809</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,225</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18,089</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16,942</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">34</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">40</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">67</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">80</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-16%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">76</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">74</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">77</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">153</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">137</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold as by-product ('000 oz)&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">98</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">88</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">97</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">194</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">159</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver as by-product ('000 oz)&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">448</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">518</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-14%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">433</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">881</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">924</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PGMs ('000 oz)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">38</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">89</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-57%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">73</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-48%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">110</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">163</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-32%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cobalt (metric ton)</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">320</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">660</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-52%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">465</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-31%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">785</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,281</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2.5pt; text-indent: -2.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-39%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="13" STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt">&sup1; Including sales originated from both nickel and copper operations.</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 6pt 0; letter-spacing: -0.1pt; text-align: justify"><B>Average
realized prices</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$/ton</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore - 62% Fe reference price </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">111.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">111.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">123.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">117.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">118.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines Vale CFR/FOB realized price</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">98.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">98.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">100.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">99.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">102.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pellets CFR/FOB (wmt)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 4.7pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">157.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">160.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">171.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">164.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">161.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18,638</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23,070</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16,848</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17,758</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24,162</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-27%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper<SUP>2</SUP></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,187</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6,986</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">32%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,632</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,406</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,048</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold (US$/oz)<SUP>12</SUP></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,368</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,082</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,398</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">69%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,224</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,975</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver (US$/oz)<SUP>2</SUP></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cobalt (US$/t)<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">28,258</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">34,694</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">28,096</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">29,586</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33,790</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt">&sup1; Prices presented above were adjusted to reflect the market prices of products delivered related to the streaming transactions. <SUP>2</SUP> Including sales originated from both nickel and copper operations. </FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 5.9pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 6pt 0; letter-spacing: -0.1pt; text-align: justify"><B>COGS
by business segment</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 51%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; padding-left: 32.5pt; text-indent: -32.5pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 5%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 6%; border-left: #7F7F7F 1pt solid; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">Iron Ore Solutions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">4,951</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">4,282</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">4,006</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">24%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">8,957</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">7,572</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-left: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">18%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">Energy Transition Metals</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,398</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,617</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,361</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">2,759</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">3,237</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-left: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-15%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">80</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-left: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-100%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total COGS&sup1;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 11.7pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,349</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5,940</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5,367</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>18%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>11,716</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>10,889</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">763</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">737</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">678</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">13%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,441</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,350</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-left: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">7%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>COGS, ex-depreciation</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5,586</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5,203</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7%</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,689</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>19%</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>10,275</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,539</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-left: #7F7F7F 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-indent: 2.45pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; COGS currency exposure in 2Q24 was as follows: 47.8% BRL, 46.7% USD, 5.3% CAD and 0.2% Other currencies.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 5.9pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; background-color: #007E7A; padding-top: 2pt; padding-right: 5.1pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #7F7F7F 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">SG&amp;A</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">137</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">139</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">140</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">277</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">257</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;Administrative</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">116</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">118</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">120</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-3%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">236</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">219</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">42</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">52</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-25%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">98</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">97</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">37%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">32</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">28%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">73</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">58</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">26%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-36%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-10%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-24%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">9%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">46</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">39</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">18%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;Selling </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">5%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">38</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">R&amp;D</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">189</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">165</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">156</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">345</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">304</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">91</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">103</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">92</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">183</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">227</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Expenses related to Brumadinho and dam decharacterization</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">271</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">40</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">382</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-90%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other operating expenses</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">290</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">117</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">148%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">209</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">499</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">225</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">122%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total operating expenses</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>706</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>795</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-11%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>638</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>11%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,344</B></FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,395</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-4%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">Depreciation</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">42</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-29%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">36</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-17%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">66</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">85</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-22%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Operating expenses, ex-depreciation</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>676</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>753</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-10%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>602</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>12%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,278</B></FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,310</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-2%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B><BR>
<BR>
</B></FONT></P>


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

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

<P STYLE="color: #818181; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Impact
of Brumadinho and Decharacterization in 2Q24</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 58%; background-color: teal; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 8%; background-color: teal; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">Provisions
    balance</FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">31mar24</FONT></P></TD>
    <TD STYLE="width: 7%; background-color: teal; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">EBITDA impact<SUP>2</SUP></FONT></TD>
    <TD STYLE="width: 8%; background-color: teal; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">Payments</FONT></TD>
    <TD STYLE="width: 10%; background-color: teal; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">FX and other adjustments<SUP>3</SUP></FONT></TD>
    <TD STYLE="width: 9%; background-color: #005E5B; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">Provisions
    balance</FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">30jun24</FONT></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Decharacterization</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">3,211</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(70)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(132)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(271)</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">2,738</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Agreements &amp; donations<SUP>1</SUP></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">2,894</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(14)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(265)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(203)</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">2,412</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>Total Provisions</B></FONT></TD>
    <TD STYLE="background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>6,105</B></FONT></TD>
    <TD STYLE="background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(84)</B></FONT></TD>
    <TD STYLE="background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(397)</B></FONT></TD>
    <TD STYLE="background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(474)</B></FONT></TD>
    <TD STYLE="background-color: #0ABB98; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>5,150</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Incurred Expenses</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">-</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">83</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(83)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">-</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>6,105</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(1)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(480)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(474)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #0ABB98; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>5,150</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #818181; letter-spacing: 0pt">&sup1; Includes Integral Reparation Agreement, individual, labor and emergency indemnifications, tailing removal and containment works. <SUP>2</SUP> Includes the revision of estimates for provisions and incurred expenses, including discount rate effect. </FONT><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #818181"><SUP>3</SUP> Includes foreign exchange, present value and other adjustments.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #818181; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #818181; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Impact
of Brumadinho and Decharacterization from 2019 to 2Q24</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 45%; background-color: teal; padding: 2pt -1.2pt 2pt 3.5pt; text-indent: 8.5pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 17%; background-color: teal; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">EBITDA</FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">impact</FONT></P></TD>
    <TD STYLE="width: 17%; background-color: teal; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">Payments</FONT></TD>
    <TD STYLE="width: 13%; background-color: teal; padding: 2pt -1.2pt 2pt 6.35pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">PV &amp; FX adjust<SUP>2</SUP></FONT></TD>
    <TD STYLE="width: 8%; background-color: #007E7A; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">Provisions
    balance</FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: center; background-color: #005E5B"><FONT STYLE="letter-spacing: 0pt">30jun24</FONT></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Decharacterization</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">5,060</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(1,847)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(475)</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">2,738</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Agreements &amp; donations<SUP>1</SUP></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">9,099</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(6,732)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">45</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">2,412</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>Total Provisions</B></FONT></TD>
    <TD STYLE="background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>14,159</B></FONT></TD>
    <TD STYLE="background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(8,579)</B></FONT></TD>
    <TD STYLE="background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(430)</B></FONT></TD>
    <TD STYLE="background-color: #0ABB98; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>5,150</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Incurred expenses</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">3,170</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(3,170)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">-</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Others</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">180</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(178)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">(2)</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>17,509</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(11,927)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #C3DFD6; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>(432)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #0ABB98; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>5,150</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #818181; letter-spacing: 0pt"><SUP>1</SUP> Includes Integral Reparation Agreement, individual, labor and emergency indemnifications, tailing removal and containment works. <SUP>2</SUP> Includes foreign exchange, present value and other adjustments.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #818181; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B><BR>
<BR>
</B></P>

<P STYLE="color: #818181; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Cash
outflow of Brumadinho &amp; Decharacterization commitments<SUP>1,2</SUP>:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 46%; background-color: teal; padding-top: 2pt; padding-right: -1.15pt; padding-bottom: 2pt; text-indent: 8.5pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><I>US$ billion</I></FONT></TD>
    <TD STYLE="width: 9%; background-color: #005E5B; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">Since
    2019 until 2Q24</FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">disbursed</FONT></P></TD>
    <TD STYLE="width: 9%; background-color: teal; padding-top: 2pt; padding-right: -1.15pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">2H24</FONT></TD>
    <TD STYLE="width: 9%; background-color: teal; padding-top: 2pt; padding-right: -1.15pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">2025</FONT></TD>
    <TD STYLE="width: 9%; background-color: teal; padding-top: 2pt; padding-right: -1.15pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">2026</FONT></TD>
    <TD STYLE="width: 9%; background-color: teal; padding-top: 2pt; padding-right: -1.15pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt">2027</FONT></TD>
    <TD STYLE="width: 9%; background-color: teal; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">Yearly
    average </FONT></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">2028-2035&sup3;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-right: -1.15pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Decharacterization</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">1.8</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.3</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.5</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.5</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.4</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.2</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.15pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Integral Reparation Agreement &amp; other reparation provisions</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">6.7</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.6</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.9</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.6</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.2</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.1<SUP>4</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-right: -1.15pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">Incurred expenses</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">3.2</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.3</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.4</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.4</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.3</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt">0.4<SUP>5</SUP></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: -1.15pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>11.7</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>1.2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>1.8</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>1.5</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>0.9</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: -1.2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="padding-top: 2pt; padding-right: -1.15pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #818181; letter-spacing: 0pt"><SUP>1</SUP> Estimate cash outflow for 2024-2035 period, given BRL-USD exchange rates of 5.5589. <SUP>2</SUP> Amounts stated without discount to present value, net of judicial deposits and inflation adjustments. <SUP>3 </SUP>Estimate annual average cash flow for Decharacterization provisions in the 2028-2035 period is US$ 238 million per year. <SUP>4 </SUP>Disbursements related to the Integral Reparation Agreement ending in 2031. </FONT><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #818181"><SUP>5 </SUP>Disbursements related to incurred expenses ending in 2028.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 44%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 7%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #7F7F7F 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Proforma Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,992</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,269</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-6%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,479</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,471</B></FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,094</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Brumadinho and dam decharacterization</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(271)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(41)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(40)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(382)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-90%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,993</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,998</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>0%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,438</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>16%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,431</B></FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,712</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-4%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Impairment reversal (impairment and disposals) of non-current assets, net <SUP>1</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">928</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(118)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(73)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">885</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(70)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(253)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(229)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(203)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">25%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(456)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(367)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">24%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Equity results and net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">112</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(31)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">116</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">198</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(214)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(1,252)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(157)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">697%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(437)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">186%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(1,689)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(687)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">146%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Income taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(1,792)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(448)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(414)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(2,210)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-81%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Depreciation, depletion &amp; amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(793)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(779)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(714)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(1,507)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">(1,435)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #7F7F7F 1pt solid; background-color: #C3E0D6; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; background-color: #C3DFD6; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: #C3E0D6; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>892</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: #C3E0D6; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>210%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: #C3E0D6; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,679</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: #C3E0D6; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>65%</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; background-color: #C3DFD6; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,448</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: #C3E0D6; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>2,729</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: #C3E0D6; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>63%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><SUP>1</SUP> Includes adjustments of US$ 83 million in 2Q24, US$ 67 million in 1Q24, US$ 150 million in 1H24, US$ 52 million in 2Q23 and US$ 87 million in 1H23, to reflect the performance of the streaming transactions at market price.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Financial expenses, of which:</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(365)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(397)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(339)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(704)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(717)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Gross interest</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(211)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(185)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(171)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(382)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(365)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Capitalization of interest</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">60%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">60%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(139)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(179)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-22%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(145)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(284)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(286)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Financial expenses (REFIS)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-39%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(51)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(76)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-33%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Financial income</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">78</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">106</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-26%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">109</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-28%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">187</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">227</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Shareholder Debentures</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(241)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">321</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">164</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(77)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">274</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Derivatives&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(471)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">563</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(469)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">755</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Currency and interest rate swaps</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(455)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">558</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,150%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(469)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">774</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Others (commodities, etc)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Foreign exchange and monetary variation</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(253)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(750)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-66%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(373)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-32%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(626)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,226)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-49%</FONT></TD></TR>
  <TR STYLE="background-color: #C3E0D6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Financial result, net</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(1,252)</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(157)</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>697%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(437)</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>186%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(1,689)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(687)</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>146%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; The cash effect of the derivatives was a gain of US$ 81 million in 2Q24.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Main
factors that affected net income in 2Q24 vs. 2Q23</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 45%; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 43%; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Comments</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3E0D6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>2Q23 Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>892</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #747678">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Changes to:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Proforma EBITDA</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(277)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Mainly due to higher costs and expenses, which were partially offset by higher iron ore sales.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Brumadinho and dam decharacterization </FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">272</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Impairment &amp; disposal of non-current assets</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,046</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Result on sale of subsidiary PTVI.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Equity results and net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">143</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Financial results</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,095)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">BRL depreciation; decrease in marked-to-market prices of derivatives.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,826</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2Q23 impacted by the reversal of deferred income tax assets related to Renova Foundation provisions following the Judicial Reorganization. </FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation, depletion &amp; amortization</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3E0D6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>2Q24 Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,769</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 8 -->
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<P STYLE="color: #007E7A; font: 20pt Arial, Helvetica, Sans-Serif; margin: 0">CAPEX</P>

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

<P STYLE="color: gray; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Growth
and sustaining projects execution</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; border-right: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-left: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 6%; border-left: white 1pt solid; border-right: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-left: white 1pt solid; border-right: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="width: 6%; border-left: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 6%; border-left: white 1pt solid; border-right: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-right: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Growth projects</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>328</B></FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>376</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-13%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>367</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-11%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>695</B></FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>702</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron Ore Solutions</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">293</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">255</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">320</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">613</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">491</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">95</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-65%</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">72</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">167</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-57%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">63</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-54%</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">32</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">61</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">83</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-27%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">32</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-88%</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-43%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">84</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-87%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Energy and others</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-92%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-75%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">44</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-77%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-right: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Sustaining projects</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,000</B></FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>832</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>20%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,028</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-3%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,028</B></FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,636</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>24%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron Ore Solutions</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">613</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">472</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">681</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,294</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">984</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">32%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">372</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">326</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">328</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">700</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">589</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">315</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">282</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">274</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">589</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">486</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">57</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">44</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD STYLE="background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">54</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">111</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">103</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; background-color: #D9D9D9; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Energy and others</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">34</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-56%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-21%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">34</FONT></TD>
    <TD STYLE="border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">63</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-46%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,328</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,208</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>10%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,395</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-5%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,723</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; border-left: white 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,338</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>16%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0">Growth projects</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">Investments
in growth projects totaled US$ 328 million in Q2, US$ 48 million lower y/y due to: (i) lower expenditures with the Salobo III copper project
commissioning and (ii) the deconsolidation of PTVI investments, which were partially offset by higher disbursements in the Serra Sul 120
Mtpy iron ore project.</P>

<P STYLE="color: gray; font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><B>Growth
projects progress indicator<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; line-height: 150%"><SUP>2</SUP></FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-bottom: 8.2pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 26%; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Projects</B></FONT></TD>
    <TD STYLE="width: 10%; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Capex 2Q24</B></FONT></TD>
    <TD STYLE="width: 10%; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Financial progress<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 10%; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Physical progress</B></FONT></TD>
    <TD STYLE="width: 44%; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Comments</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Iron Ore Solutions </B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Northern
    System 240 Mtpy</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    10 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    1H23</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 772 MM</I></FONT></P></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">15</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">89%</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">99%<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">The railway works were completed. Tests are being conducted at the port and start-up has begun. Structural reinforcement of the mine&rsquo;s loading silo has pushed silo load tests to 3Q24.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Serra
    Sul 120 Mtpy<SUP>3</SUP></B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    20 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H26</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 2,844 MM</I></FONT></P></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">130</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">41%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">63%<SUP>4</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">The semi-mobile crushers are being put in place at the mine and the conveyor belts continue to be assembled. The transfer house, that connects the mine to the Long-Distance Conveyor Belts, is being assembled. Civil construction at the plant should be finished by 4Q24.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Capanema&rsquo;s
    Maximization</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    18 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    1H25</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 913 MM</I></FONT></P></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">68</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">60%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">83%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">The assembly of equipment, crushing machinery, and structures is on schedule to be ready by Q3. </FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Briquettes
    Tubar&atilde;o<SUP>5</SUP></B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    6 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    4Q23 (Plant 1) | 1Q25 (Plant 2)</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 342 MM</I></FONT></P></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">15</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">82%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">95%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">Project scope review works were completed to improve standards and operational synergies. Plant 2 is being commissioned with start-up for 1Q25.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>On&ccedil;a
    Puma 2<SUP>nd</SUP> Furnace</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    12-15 ktpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H25</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 555 MM</I></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">30</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">29%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">43%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">The project is advancing according to plan. Detailed engineering is substantially complete, and the assembly of the 2<SUP>nd</SUP> Furnace is in progress.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>1</SUP>
    CAPEX disbursement until end of 2Q24 vs. CAPEX expected. </FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>2</SUP>
    Considering physical progress of mine, plant and logistics.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>3</SUP>
    The project consists of increasing the S11D mine-plant capacity by 20 Mtpy.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>4</SUP>
    With the supplementation of the CAPEX, the project start-up has been pushed from 2H24 to 1Q25.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>5</SUP>
    The project scope, CAPEX, physical progress and start-up were revised. </FONT></P></TD></TR>
  </TABLE>

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


<P STYLE="color: #A6A6A6; font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt; line-height: 150%"><SUP>2</SUP></FONT>
<FONT STYLE="font-size: 9pt">Pre-Operating expenses included in the total estimated capex information, according to the approvals from
Vale&acute;s Board of Directors.</FONT></P>
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<P STYLE="color: #007E7A; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0">Sustaining projects</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">Investments
in sustaining our operations totaled US$ 1.0 billion in Q2, US$ 168 million higher y/y, mainly as a result of higher investments in equipment
and asset reliability improvement projects in both the Iron Ore Solutions and the Energy Transition Metals businesses.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-size: 11pt; color: gray"><B>Sustaining
projects progress indicator</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #747678; letter-spacing: -0.1pt"><SUP>3</SUP></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-bottom: 8.2pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 26%; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Projects</B></FONT></TD>
    <TD STYLE="width: 10%; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Capex 2Q24</B></FONT></TD>
    <TD STYLE="width: 10%; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Financial progress<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 10%; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Physical progress</B></FONT></TD>
    <TD STYLE="width: 44%; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Comments</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Iron Ore Solutions </B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Compact
    Crushing S11D</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    50 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H26</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 755 MM</I></FONT></P></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">49</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">29%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">43%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">The first floor of the Primary Crushing Plant has been completed and work has begun on the second floor. Civil construction for the second crusher is progressing well. Conveyor belts of the Western Corridor were completed in 1H24 as planned.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>N3
    &ndash; Serra Norte</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    6 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H26</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 84 MM</I></FONT></P></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">1</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">19%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">18%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">Installation License and Vegetation Suppression Authorization are pending.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>VGR
    1 plant revamp<SUP>3</SUP></B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    17 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H24</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 67 MM</I></FONT></P></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">6</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">58%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">96%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">Project advancing well with start-up expected in the coming months.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Voisey&rsquo;s
    Bay Mine Extension</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    45 ktpy (Ni) and 20 ktpy (Cu)</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    1H21<SUP>2</SUP></I></FONT></P>
    <P STYLE="color: #747678; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 2pt 7.1pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 2,940 MM</I></FONT></P></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">124</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">92%</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: gray; letter-spacing: 0pt">96%</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">Reid Brook activities are largely complete, with the Powerhouse planned to be fully commissioned and linked to the grid by 3Q24. Eastern Deeps mine development is concluded and work on the Bulk Material Handling system is ongoing. The full mine assets at Eastern Deeps are expected to be in operation by the end of 2024.&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>1</SUP>
    CAPEX disbursement until end of 2Q24 vs. CAPEX expected. </FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>2</SUP>
    In 2Q21, Vale achieved the first ore production of Reid Brook deposit, the first of two underground mines to be developed in the project.
    Eastern Deeps, the second deposit, has started to extract development ore from the deposit and is continuing its scheduled production
    ramp-up.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>3</SUP>
    VGR 1 is a program made up of three simultaneous projects, VGR I Waste Containment System, Water Adequacy and the VGR I Revamp, all aimed
    at boosting the recovery of production capacity. The progress data provided focuses on the program's main project, the VGR I Waste Containment
    System.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>
    <P STYLE="color: gray; font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Sustaining
capex by type - 2Q24</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 13%; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: right"><B>Iron Ore
    </B></P>
    <P STYLE="color: white; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: right"><B>Solutions</B></P></TD>
    <TD STYLE="width: 13%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Energy Transition Materials</B></FONT></TD>
    <TD STYLE="width: 13%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Energy and others</B></FONT></TD>
    <TD STYLE="width: 13%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Enhancement of operations</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">358</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">182</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">541</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Replacement projects</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">9</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">149</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">158</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Filtration and dry stacking projects</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">28</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">28</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Dam management</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">29</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">4</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">32</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other investments in dams and waste dumps</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">34</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">13</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">47</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Health and Safety</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">48</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">17</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">2</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">67</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Social investments and environmental protection</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">64</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">65</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Administrative &amp; Others</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">43</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">7</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">12</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">61</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>613</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>372</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>15</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>1,000</B></FONT></TD></TR>
  </TABLE>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt; line-height: 150%"><SUP>3</SUP></FONT>
<FONT STYLE="font-size: 9pt">Pre-Operating expenses included in the total estimated capex information, according to the approvals from
Vale&acute;s Board of Directors</FONT></P>
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<P STYLE="color: #007E7A; font: 20pt Arial, Helvetica, Sans-Serif; margin: 0">Free cash flow</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 45%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 11%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Proforma EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,992</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,269</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,479</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Working capital</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,111)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(598)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">86%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1,468</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">n.a</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Brumadinho and decharacterization expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(480)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(723)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-34%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(362)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Income taxes and REFIS</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(466)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(574)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(506)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Capex</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,328)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(1,208)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(1,395)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Associates &amp; JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(253)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(229)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(203)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">25%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(532)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(161)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">230%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(481)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Free Cash Flow</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(178)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>776</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>n.a</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>2,000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>n.a</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash management and others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,056</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(572)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(1,795)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Increase/Decrease in cash &amp; cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #7F7F7F 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,878</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>204</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>1311%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>205</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>1304%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">Free
Cash Flow generation was US$ 178 million negative in 2Q24, US$ 954 million lower y/y, mainly explained by a combination of (i) negative
working capital (US$ 513 million lower y/y), (ii) lower proforma EBITDA (US$ 277 million lower y/y) and (iii) higher capital expenditures
(US$ 120 million higher y/y).</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">In
the quarter, the negative working capital variation was largely explained by: (i) higher concentration of payments to suppliers, (ii)
higher execution of concessions contract obligations, and (iii) lower accounts receivables following the 4.3 Mt of iron ore sales accrued
at the end of the quarter.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">In
2Q24, Vale&rsquo;s cash &amp; cash equivalents position was positively impacted by the proceeds received from Manara Minerals, following
the strategic partnership at Vale Base Metals (US$ 2.455 billion), the PTVI divestment (US$ 155 million) and the net effect of liability
management (US$ 560 million). In the quarter, Vale disbursed US$ 114 million to repurchase shares, as part of the 4<SUP>th</SUP> share
buyback program.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Free
Cash Flow &ndash; US$ million, 2Q24</B></P>

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-top: 12pt; margin-bottom: 0; letter-spacing: -0.1pt; text-align: center"><IMG SRC="vale202407256k2_003.jpg" ALT=""><B></B></P>



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 12%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 10%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 10%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Gross debt&sup1;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>13,770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>12,417</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>11%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>13,248</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lease (IFRS 16)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,360</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,520</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,426</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Gross debt and leases</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15,130</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>13,937</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>14,674</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash, cash equivalents and short-term investments&sup2;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6,540)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5,029)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4,569)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">43%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,590</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,908</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>10,105</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-15%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Currency swaps&sup3;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(895)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-97%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(589)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-96%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Brumadinho provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,412</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,276</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-26%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,894</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Samarco &amp; Renova Foundation provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,707</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,401</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,978</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Expanded net debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>14,683</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>14,690</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>16,388</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-10%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Average debt maturity (years)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">23%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cost of debt after hedge (% pa)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Total debt and leases / adjusted LTM EBITDA (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net debt / adjusted LTM EBITDA (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-17%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Adjusted LTM EBITDA / LTM gross interest (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-3%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-right: 2pt; padding-left: 2pt">
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left">&sup1;
    Does not include leases (IFRS 16).</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left">&sup2;
    Includes US$ 735 million related to non-current assets held for sale in 1Q24.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left">&sup3;
    Includes interest rate swaps.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 8pt 0; letter-spacing: -0.1pt; text-align: justify"><BR>
Gross debt and leases reached US$ 15.1 billion as of June 30<SUP>th</SUP>, 2024, US$ 0.5 billion higher q/q.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 8pt 0; letter-spacing: -0.1pt; text-align: justify">In
the quarter, Vale has implemented a liability management strategy with a US$ 1.0 billion bond offering and a US$ 1.0 billion tender offer
and redemption program. The bond offering was concluded in June and the settlement of the tender offer and redemption in July, resulting
in a temporary increase in gross debt, which was partially offset by a US$ 530 million debt repayment. In addition, Vale Canada Limited
raised US$ 90 million in borrowings in the quarter.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 8pt 0; letter-spacing: -0.1pt; text-align: justify">Expanded
net debt declined by US$ 1.7 billion q/q, totaling US$ 14.7 billion, mainly driven by the proceeds from Vale Base Metals partnership.
Vale&rsquo;s expanded net debt target remains at US$ 10-20 billion.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 8pt 0; letter-spacing: -0.1pt; text-align: justify">The
average debt maturity increased to 9.2 years (compared to 7.5 years at the end of 1Q24), following the 30-year maturity notes offering
in June. The average annual cost of debt after currency and interest rate swaps was 5.8%, relatively flat q/q.</P>



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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 9pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 9pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 9pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,887</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,082</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,459</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>12%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,346</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,540</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,071</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,175</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,507</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,578</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,871</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">724</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">757</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">882</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,606</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,449</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other Ferrous Minerals</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">92</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-39%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">70</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">31%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">162</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">220</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-26%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Energy Transition Metals&sup1;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>407</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>476</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-14%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>257</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>58%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>664</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,049</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-37%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">108</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">235</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-54%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">535%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">125</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">563</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-78%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">351</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">236</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">49%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">284</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">635</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">456</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(52)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(44)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(96)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Others<SUP>2 3</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(302)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(289)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(237)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>27%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(539)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(495)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,992</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,269</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-6%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,479</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15%</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,471</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,094</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-8%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt">&sup1; Includes adjustment of US$ 83 million in 2Q24, US$ 67 million in 1Q24, US$ 150 million in 1H24, US$ 52 million in 2Q23 and US$ 87 million in 1H23, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027. &sup2; Including a negative y/y effect of provisions related to communities&rsquo; programs, reversal of tax credit provisions, and contingency loss. <SUP>3 </SUP>Includes US$ 1 million in unallocated expenses from Vale Base Metals Ltd (&quot;VBM&quot;) in 2Q24. Considering the unallocated expenses, VBM&rsquo;s EBITDA was US$ 408 million in 2Q24.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Segment
information 2Q24</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>&nbsp;</I></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Expenses</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 30%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 10%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Net operating revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Cost&sup1;</B></FONT></TD>
    <TD STYLE="width: 10%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>SG&amp;A and others&sup1;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>R&amp;D&sup1;</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Pre operating &amp; stoppage&sup1;</B></FONT></TD>
    <TD STYLE="width: 10%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Associates and JVs EBITDA</B></FONT></TD>
    <TD STYLE="width: 10%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;8,298 </B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(4,415)</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(81)</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(94)</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(67)</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;246 </B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;3,887 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore fines</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;6,729 </FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(3,556)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(56)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(82)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(53)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;89 </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,071 </FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,394 </FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(705)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(1)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(2)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;38 </FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;724 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Other ferrous</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;175 </FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(154)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(25)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(11)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(12)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;119 </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;92 </FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;1,622 </B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(1,171)</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;22 </B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(70)</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(3)</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;7 </B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;407 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Nickel&sup2;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;879 </FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(731)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(6)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(31)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(3)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;108 </FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Copper<B><SUP>3</SUP></B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;779 </FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(391)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(8)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(29)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;351 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Other Energy Transition Metals<SUP>4</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(36)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(49)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;36 </FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(10)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;7 </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(52)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><B>Brumadinho
    and </B></P>
    <P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left"><B>dam decharacterization</B></P></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;1 </B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;1 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Others<SUP>5</SUP></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(277)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(25)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(302)</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;9,920 </B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(5,586)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(335)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(189)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(70)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;253 </B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;3,993 </B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="8" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Excluding depreciation, depletion and amortization. &sup2; Including copper and by-products from our nickel operations. &sup3; Including by-products from our copper operations. <SUP>4</SUP> Includes an adjustment of US$ 83 million increasing the adjusted EBITDA in 2Q24, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027. <SUP>5</SUP> Includes US$ 1 million in unallocated expenses from Vale Base Metals Ltd (&quot;VBM&quot;) in 2Q24. Considering the unallocated expenses, VBM&rsquo;s EBITDA was US$ 408 million in 2Q24.</FONT></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net Revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,298</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,776</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,025</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15,323</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14,187</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Costs&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4,415)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3,801)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3,552)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(7,967)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6,719)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">SG&amp;A and Other expenses&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(81)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(64)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(145)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">559%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(67)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(80)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(64)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(131)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(169)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-22%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">R&amp;D expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(94)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(61)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">54%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(83)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(177)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(104)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">70%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">EBITDA Associates &amp; JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">246</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">229</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">197</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">443</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">367</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,887</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,082</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,459</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>12%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,346</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,540</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(574)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(502)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(481)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,055)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(905)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,313</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,580</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,978</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>11%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,291</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,635</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBIT margin (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>39.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>46.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-6 p.p</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>42.4</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-2 p.p</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>41.1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>46.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-7 p.p</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Net of depreciation and amortization.</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Iron
Ore Solutions EBITDA Variation 2Q24 vs. 2Q23</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Drivers</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 28%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Prices</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,175 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;244 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(27)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(321)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(104)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,071 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;757 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(16)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(22)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(33)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;724 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;150 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(26)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(34)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(58)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;92 </FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;4,082 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;223 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(41)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(377)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(195)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;3,887 </B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Includes the FX effect, freight, costs and expenses, associates and JV&rsquo;s EBITDA and others.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #818181; font: 10pt/14.95pt Arial, Helvetica, Sans-Serif; margin: 5.75pt 5.95pt 12pt 0; letter-spacing: -0.1pt; text-align: justify">Iron
Ore Solutions EBITDA of US$ 3.887 billion was 5% lower y/y, mostly explained by: (i) higher iron ore fines C1 cash costs (US$ 189 million),
mainly as a result of higher third-party purchase costs and concentration of maintenance activities, in order to maximize performance
in 2H24, (ii) higher freight rates (US$ 97 million), and (iii) higher expenses (US$ 142 million), as 2Q23 was benefited by positive one-off
items. These negative effects were partially offset by a 5.4 Mt increase in iron ore sales volumes (US$ 223 million) and the positive
impact of the BRL depreciation (US$ 74 million).</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 40%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>&nbsp;&lsquo;000 tons</I></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; border-right: Black 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>% total</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; border-right: Black 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>% total</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: Black 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>% <BR>
total</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; border-right: Black 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>% total</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>% <BR>
total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Iron ore fines</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>68,512</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>86%</B></FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>63,329</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>85%</B></FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>52,546</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>82%</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>121,058</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>84%</B></FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>109,190</B></FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>84%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">IOCJ</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">13,180</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">17%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">13,626</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">18%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">9,400</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">15%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">22,581</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">16%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">24,841</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">19%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">BRBF</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">30,528</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">38%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">32,335</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">43%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">25,915</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">41%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">56,443</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">39%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">52,681</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">41%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pellet feed - China (PFC1)<FONT STYLE="color: #7F7F7F"><SUP>1</SUP></FONT></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3,337</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3,189</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">2,536</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">5,873</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">5,821</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lump</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1,782</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">2%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1,865</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1,809</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3,591</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3,259</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">High-silica products</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">13,767</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">17%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">6,424</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">9%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8,343</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">13%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">22,110</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">15%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">11,960</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other fines (60-62% Fe)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">5,917</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">7%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">5,889</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4,543</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">7%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">10,460</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">7%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">10,628</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>ROM</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,416</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,236</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,056</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3%</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>4,471</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3,900</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Pellets</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>8,864</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>11%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>8,809</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>12%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>9,225</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>14%</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>18,089</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>13%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>16,942</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>13%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; padding-left: 11pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Total</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>79,792</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>100%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>74,374</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>100%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>63,826</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>100%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>143,618</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>100%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>130,032</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 11pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Share of premium products<SUP>2</SUP> (%)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>70%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>79%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>74%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>72%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>77%</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><B>Iron
Ore Solutions' prices, premiums and revenues</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 51%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD COLSPAN="9" STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Average prices (US$/t)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">&nbsp;&nbsp;&nbsp;Iron ore - 62% Fe price </FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">111.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">111.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">123.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-10%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">117.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">118.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore - 62% Fe low alumina index</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">112.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">112.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">0%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">124.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-9%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">118.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">120.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore - 65% Fe index</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">126.1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">124.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">2%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">135.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-7%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">131.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">132.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Provisional price at the end of the quarter</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">106.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">110.1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">102.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">106.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">110.1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore fines Vale CFR reference (dmt)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">110.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">110.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">0%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">111.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-2%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">110.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">115.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore fines Vale CFR/FOB realized price</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">98.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">98.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">100.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-2%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">99.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">102.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Pellets CFR/FOB (wmt)</FONT></TD>
    <TD STYLE="border-bottom: #DBEDED 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">157.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">160.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">171.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-9%</FONT></TD>
    <TD STYLE="border-bottom: #DBEDED 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">164.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">161.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">2%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD COLSPAN="9" STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Iron ore fines and pellets quality premium (US$/t)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore fines quality premium</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #DBEDED 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3.3)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1.6)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">101%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(0.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1092%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Pellets weighted average contribution</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3.1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">2.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">12%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-18%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Total</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #DBEDED 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(0.1)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="border-right: #DBEDED 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">0.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #DBEDED 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-70%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD COLSPAN="9" STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Net operating revenue by product (US$ million)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Iron ore fines</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">6,729</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">6,235</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,292</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">27%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">12,021</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">11,217</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;ROM</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">27</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">34</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-21%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">0%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">54</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">60</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1,394</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1,413</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-1%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,585</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-12%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">2,979</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">2,735</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">148</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">94</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">57%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">121</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">22%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">269</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">175</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">54%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>8,298</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,776</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">7%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,025</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">18%</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>15,323</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>14,187</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><SUP>1</SUP> Products concentrated in Chinese facilities. 2 Pellets, Caraj&aacute;s (IOCJ), Brazilian Blend Fines (BRBF) and pellet feed. </FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: -0.1pt; text-align: justify">The
all-in premium totaled US$ -0.1/t, US$ 2.3/t lower q/q, as result of increased high-silica product sales. In the 2H24, Vale expects a
larger share of premium products (e.g. IOCJ and BRBF) in the sales mix, due to higher production from the Northern System, supporting
all-in premiums. The share of premium products in total sales reached 70% in Q2.</P>

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

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

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><B>Price
realization iron ore fines &ndash; US$/t, 2Q24</B></P>

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-top: 12pt; margin-bottom: 12pt; letter-spacing: -0.1pt; text-align: center"><IMG SRC="vale202407256k2_004.jpg" ALT=""></P>


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<P STYLE="color: #747678; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">The
average realized iron ore fines price was US$ 98.2/t, US$ 2.5/t lower q/q, largely impacted by lower iron ore prices (US$ 11.8 lower q/q)
and lower quality premiums (US$ 1.7/t lower q/q), which were offset by the positive effect of pricing mechanisms (US$ 11.7 higher q/q)
related to provisional prices.</P>

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

<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Iron
Ore fines pricing system breakdown (%)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 46%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lagged</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Current</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">56</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">48</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">61</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Provisional</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: bold 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0.25in 0 10pt; text-transform: uppercase"><FONT STYLE="text-transform: none">Costs</FONT></P>

<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Iron
ore fines cash cost and freight</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Costs (US$ million)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale&rsquo;s iron ore fines C1 cash cost (A)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,935</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,676</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,446</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">34%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,382</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,898</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Third-party purchase costs&sup1; (B)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">409</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">320</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">28%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">347</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">755</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">542</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale&rsquo;s C1 cash cost ex-third-party volumes (C = A &ndash; B)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,526</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,356</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,100</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,626</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,355</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Sales Volumes (Mt)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Volume sold (ex-ROM) (D)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">68.5</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">63.3</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">52.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">121.1</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">109.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Volume sold from third-party purchases (E)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7.1</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.6</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12.8</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9.1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">40%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Volume sold from own operations (F = D &ndash; E)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">61.4</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">57.8</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">46.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">31%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">108.3</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">100.1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron ore fines cash cost (ex-ROM, ex-royalties), FOB (US$ /t)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale&rsquo;s C1 cash cost ex-third-party purchase cost (C/F)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.9</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.5</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.3</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Average third-party purchase C1 cash cost (B/E)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">57.4</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">57.4</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">61.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-6%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">59.2</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">59.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale's iron ore cash cost (A/D)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">28.2</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">26.5</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27.9</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">26.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Freight</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Maritime freight costs (G)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,114</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">920</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">860</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,974</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,542</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">28%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">% of CFR sales (H)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">85%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">83%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2 p.p.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">85%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0 p.p.</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">85%</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">80%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5 p.p.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Volume CFR (Mt) (I = D x H)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">58.5</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">52.3</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">44.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">32%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">103.0</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">87.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale's iron ore unit freight cost (US$/t) (G/I)</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19.0</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17.6</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19.2</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt">&sup1; Includes logistics costs related to third-party purchases.</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Iron
ore fines C1 production costs</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$/t</I></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #7F7F7F 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale&rsquo;s C1 production costs, ex-third-party purchase cost</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.6</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale&rsquo;s C1 cash cost, ex-third-party purchase cost</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.3</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Iron
ore fines COGS - 2Q24 vs. 2Q23</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Drivers</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 28%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Exchange rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">C1 cash costs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,675 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;131 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(42)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;171 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;260 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,935 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Freight</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;920 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;109 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;85 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;194 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,114 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Distribution costs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;157 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;13 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;12 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;25 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;182 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Royalties &amp; others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;296 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;24 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;29 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;325 </FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total costs before depreciation and amortization</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;3,048 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;277 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(42)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;273 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;508 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;3,556 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;349 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;27 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;(14)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;40 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;53 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;402 </FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;3,397 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;304 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;(56)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;313 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;561 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;3,958 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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<P STYLE="color: #747678; font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B><BR STYLE="clear: both">
C1 cash cost variation (excluding 3rd party purchases) &ndash; US$/t, 2Q24 vs. 1Q24</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #818181; margin-top: 0; margin-bottom: 6pt; letter-spacing: -0.1pt; text-align: center">&nbsp;<IMG SRC="vale202407256k2_005.jpg" ALT=""></P>

<P STYLE="color: #818181; font: 10pt/14.95pt Arial, Helvetica, Sans-Serif; margin: 5.75pt 5.95pt 12pt 10pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/14.95pt Arial, Helvetica, Sans-Serif; margin: 5.75pt 5.95pt 12pt 10pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="color: #818181">Vale&rsquo;s
C1 cash cost, ex-third-party purchases, was 6% higher q/q, reaching US$ 24.9/t, driven by: (i) inventory turnover, in which approximately
30% of the volumes sold in Q2 are related to higher cost products from the prior quarter, and (ii) higher maintenance costs</FONT> within
our asset integrity program, in order <FONT STYLE="color: #818181">to maximize asset performance during the second semester. These effects
were partially offset by (i) higher production volumes and (ii) the positive impact of the BRL depreciation. The C1 production cost in
the 2Q24 was largely affected by the operational performance in April, which was impacted by rains in the Northern System. In the subsequent
months, our C1 </FONT>substantially <FONT STYLE="color: #818181">improved, reaching US$ 22/t in June.</FONT></P>

<P STYLE="color: #747678; font: 10pt/14.95pt Arial, Helvetica, Sans-Serif; margin: 5.75pt 5.95pt 12pt 10pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="color: #818181">In
the 2H24, Vale expects a significant reduction in the C1 as a result of higher production, especially in the Northern System, and lower
maintenance activities. Vale remains </FONT>highly <FONT STYLE="color: #818181">confident in achieving its C1 cash cost, ex-third-party
purchases, guidance in 2024 (US$ 21.5-23.0/t).</FONT></P>

<P STYLE="color: #818181; font: 10pt/14.95pt Arial, Helvetica, Sans-Serif; margin: 5.75pt 5.95pt 12pt 10pt; letter-spacing: -0.1pt; text-align: justify">Vale's
maritime freight cost slightly decreased q/q, reaching US$ 19.0/t, US$ 6.8/t lower than the Brazil-China C3 route average in Q2, driven
by long-term affreightment contracts exposure. CFR sales totaled 58.5 Mt in Q2, representing 85% of iron ore fines sales.</P>

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

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

<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Expenses
- Iron Ore fines</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ millions</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>SG&amp;A</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">35</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-57%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">29</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(73)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>R&amp;D</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">82</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">57</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">44%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">70</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">152</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">96</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">58%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Pre-operating and stoppage expenses</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">53</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">69</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-23%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">51</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">104</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">148</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-30%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Other expenses</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(43)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">193%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">76</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">76</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>191</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>91%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>170</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>12%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>361</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>247</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>46%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 46%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: #005250 1pt solid; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 29%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net revenues / Realized prices</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,394</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,413</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,585</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Realized prices averaged US$157.2/t in Q2 mainly driven by lower average benchmark prices.&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Leased pelletizing plants EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">38</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash costs (Iron ore, leasing, freight, overhead, energy and other)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(705)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(674)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(739)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">FOB sales were 66% of total sales</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operational &amp; stoppage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-50%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-60%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Expenses (Selling, R&amp;D and other)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-80%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>724</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>757</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>882</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-18%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>EBITDA/t</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>82</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>86</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-5%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>96</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-15%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0">Iron ore fines and pellets cash break-even
landed in China<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt; line-height: 150%"><B><SUP>4</SUP></B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 44%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$/t</I></FONT></TD>
    <TD STYLE="width: 7%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Vale's C1 cash cost ex-third-party purchase cost</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">24.9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">23.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">6%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">23.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">6%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">24.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">23.5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Third party purchases cost adjustments</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">13%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">4.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-15%</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3.7</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">3.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">23%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Vale's iron ore cash cost (ex-ROM, ex-royalties), FOB (US$ /t)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">28.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">26.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">26.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines freight cost (ex-bunker oil hedge)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines distribution cost</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines expenses<SUP>1</SUP> &amp; royalties</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines moisture adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines quality adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(0.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">101%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1092%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD5">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron ore fines EBITDA break-even (US$/dmt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>64.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>55.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>16%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>62.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>63.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>57.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>11%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines pellet adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD5">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron ore fines and pellets EBITDA break-even (US$/dmt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>61.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>52.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>16%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>58.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>60.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>54.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>11%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron ore fines sustaining investments</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-29%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD5">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Iron ore fines and pellets cash break-even landed in China (US$/dmt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>69.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>59.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>16%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>69.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>69.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>62.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>12%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Net of depreciation. Including stoppage expenses.</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">


<P STYLE="color: #A6A6A6; font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt; line-height: 150%"><SUP>4</SUP></FONT>
<FONT STYLE="letter-spacing: 0pt">Measured by unit cost + expenses + sustaining investment adjusted for quality. Does not include the
impact from the iron ore fines and pellets pricing system mechanism.</FONT></P>

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

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

<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Energy
Transition Metals EBITDA overview &ndash; 2Q24</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 16%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Sudbury</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Voisey&rsquo;s Bay &amp; Long Harbour</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>PTVI (site)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Standalone Refineries</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>On&ccedil;a Puma</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Sossego</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Salobo</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #747678 1pt solid; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Copper &amp; Nickel</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Other ETM&sup1;</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #747678 1pt solid; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total Energy Transition Metals</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net Revenues</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">426</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">136</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">249</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">243</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">136</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">614</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(164)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,658</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(36)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,622</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Costs</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(390)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(204)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(168)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(222)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(90)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(301)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">280</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,122)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(49)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,171)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Selling and other expenses</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">R&amp;D</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(60)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(70)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Associates and JVs EBITDA</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>16</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>(76)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>79</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>21</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>(17)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>44</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>306</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>86</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>459</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>(52)</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>407</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="12" STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Includes an adjustment of US$ 83 million increasing the adjusted EBITDA in 2Q24, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 13pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #7F7F7F 1pt solid; border-right: #7F7F7F 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net Revenues</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">779</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">538</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">45%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">639</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,418</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,062</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">34%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Costs&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(391)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(319)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(329)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(720)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(589)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Selling and other expenses&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(8)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">49</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">167%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(11)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">43</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-100%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-100%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">R&amp;D expenses</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(29)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(31)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-6%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(23)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">26%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(52)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>351</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>236</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>49%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>284</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>24%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>635</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>456</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>39%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(41)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(34)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(40)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(81)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(71)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>310</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>202</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>53%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>244</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>27%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>554</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>385</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>44%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Adjusted EBIT margin (%)</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">40%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">38%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2 p.p</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">38%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2 p.p</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3 p.p</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Net of depreciation and amortization</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>EBITDA
variation - US$ million (2Q24 vs. 2Q23)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #F3F3F3 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Drivers</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 16%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Prices</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>By-products</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total variation</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">236</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">126</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">48</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(66)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">115</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">351</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="padding-right: 2pt; padding-left: 2pt">
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left">&sup1;
    Includes variations of (i) positive US$ 28 million in PPA, (iii) negative US$ 103 million in costs and expenses and (iii) positive US$
    9 million in currency variation.</P>
    <P STYLE="color: gray; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0 12pt; letter-spacing: -0.1pt; text-align: justify"><BR>
EBITDA increased 49% y/y largely explained by (i) higher average realized copper prices, driven by LME reference price increase (US$ 126
million); and (ii) the increase in copper and by-products sales volumes attributed to better operational performance at Salobo 1&amp;2.</P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 31%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24 vs. 2Q23 Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Salobo</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">306</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">218</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">40%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">261</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17%</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Higher copper realized prices and volumes and higher by-products revenues.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Sossego</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">44</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">159%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">159%</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Higher copper realized prices.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others copper&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-83%</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>351</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>236</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>49%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>284</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>24%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Includes US$ 25 million in R&amp;D expenses related to the Hu&rsquo;u project in 2Q24 and the unrealized provisional price adjustments.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Revenues
&amp; price realization</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 52%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710;&nbsp;&nbsp;y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710;&nbsp;&nbsp;y/y</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Volume sold (&lsquo;000 metric tons)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Copper</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">58</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">53</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">56</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">115</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">96</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Gold as by-product (&lsquo;000 oz)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">89</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">77</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">85</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">173</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">137</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">26%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Silver as by-product (&lsquo;000 oz)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">242</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">242</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">188</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">29%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">430</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">411</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Average prices (US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Average LME copper price</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,753</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,464</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,438</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,090</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,703</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Average copper realized price</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,202</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,025</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">31%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,687</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,456</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,123</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold (US$/oz)&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,361</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,103</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,083</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,225</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,983</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver (US$/oz)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net revenue (US$ million)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">535</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">371</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">44%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">434</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">969</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">779</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold as by-product&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">209</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">161</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">176</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">386</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">274</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver as by-product</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">75%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>751</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>538</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>40%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>615</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>22%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,366</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,062</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>29%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PPA adjustments&sup2;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">52</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net revenue after PPA adjustments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>779</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>538</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>45%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>639</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>22%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,062</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>34%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="9" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt">&sup1; Revenues presented above were adjusted to reflect the market prices of products delivered related to the streaming transactions. &sup2; PPA adjustments to be disclosed separately from 1Q24 onwards. On June 30th, 2024, Vale had provisionally priced copper sales from Sossego and Salobo totaling 45,587 tons valued at weighted average LME forward price of US$ 9,514/t, subject to final pricing over the following months.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">US$/t</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Average LME copper price</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,753</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,464</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,438</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,090</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,703</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Current period price adjustments&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(204)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(257)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-21%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(20)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">905%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(98)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(70)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper gross realized price</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,549</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,207</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,418</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,992</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,633</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Prior period price adjustments&sup2;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">125</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(638)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(210)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Copper realized price before discounts</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,674</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,569</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>28%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,208</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>18%</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,953</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,655</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #F3F3F3 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">TC/RCs, penalties, premiums and discounts&sup3;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(472)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(544)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-13%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(522)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(496)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(532)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Average copper realized price</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,202</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,025</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>31%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,687</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>20%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,456</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,123</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2pt; padding-left: 2pt">
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left">Note:
    Vale's copper products are sold on a provisional pricing basis, with final prices determined in a future period. The average copper realized
    price excludes the mark-to-market of open invoices based on the copper price forward curve (unrealized provisional price adjustments)
    and includes the prior and current period price adjustments (realized provisional price adjustments).</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left">&sup1;
    Current-period price adjustments: Final invoices that were provisionally priced and settled within the quarter. &sup2; Prior-period price
    adjustment: Final invoices of sales provisionally priced in prior quarters.&sup3; TC/RCs, penalties, premiums, and discounts for intermediate
    products.</P>
    <P STYLE="color: #7F7F7F; font: 7pt Arial Narrow, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><BR>
The average realized copper price was up 4% y/y and 20% q/q mainly due to higher average LME copper price.</P>


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

<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>COGS
- 2Q24 vs. 2Q23</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #F3F3F3 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Drivers</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 28%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Exchange rate</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total variation</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper operations</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">319</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">32</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">52</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">72</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">391</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>352</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>35</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(13)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>58</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>80</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>432</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 29%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$/t</I></FONT></TD>
    <TD STYLE="width: 7%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 36%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; padding-left: 11pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24 vs. 2Q23 Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Salobo</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,319</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,246</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,738</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33%</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; padding-left: 11pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Higher maintenance costs largely offset by higher by-products credits. </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Sossego</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,652</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4,705</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,844</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; padding-left: 11pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Higher maintenance costs.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>EBITDA
break-even (&ldquo;all-in&rdquo; costs)</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$/t</I></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">COGS</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6,726</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6,046</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,829</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6,285</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6,141</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">By-product revenues</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3,714)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3,177)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3,207)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3,465)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2,946)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>COGS after by-product revenues</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,012</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,869</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>5%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,622</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15%</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,820</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,194</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-12%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other expenses&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">168</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(301)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">149</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">158</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total costs</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,180</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,568</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>24%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,771</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15%</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,978</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,188</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">TC/RCs penalties, premiums and discounts</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">472</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">544</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-13%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">522</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">496</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">532</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>EBITDA breakeven&sup2;<SUP>,</SUP>&sup3;</B></FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,651</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #555555 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,112</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #555555 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #555555 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,293</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #555555 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>11%</B></FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,474</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,720</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-7%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Includes sales expenses, R&amp;D associated with Salobo and Sossego, pre-operating and stoppage expenses and other expenses. From 1Q24 onwards, excludes Hu'u. &sup2; Considering only the cash effect of streaming transactions, copper operations EBITDA break-even would increase to </FONT><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">US$ 4,937/t. </FONT><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup3; The realized price to be compared to the EBITDA break-even should be the copper realized price before discounts (US$ 8,208/t), given that TC/RCs, penalties, and other discounts are already part of the EBITDA break-even build-up. </FONT></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0 12pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0 12pt; letter-spacing: -0.1pt; text-align: justify">Unit
COGS have increased by 11% y/y mainly reflecting the increase in fixed costs related to the maintenance performed at both Salobo and Sossego
operations.</P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">All-in
costs have increased by 17%, primarily due to: (i) increase in unit COGS; and (ii) the absence of one-off tax credits that positively
impacted 2Q23. These effects were partially offset by higher by-products credits, reflecting the higher proportion of Salobo copper concentrate
volumes in the sales mix.</P>

<P STYLE="color: gray; font: 10pt/130% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">Copper
all-in costs averaged US$ 3,474/t in 1H24, representing a 7% decrease y/y, and below the current market guidance for 2024 (US$ 4,000-4,500/t).</P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 12pt; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net Revenues</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">879</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,222</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-28%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">836</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,715</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,543</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-33%</FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 12pt; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Costs&sup1;</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(731)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(886)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-17%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(773)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,504)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,835)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 12pt; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Selling and other expenses&sup1;</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(72)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-92%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(24)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-75%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(30)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(89)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-66%</FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 12pt; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">200%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 12pt; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">R&amp;D expenses</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(31)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(29)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(21)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">48%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(52)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 12pt; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Adjusted EBITDA</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">108</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">235</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-54%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">535%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">125</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">563</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-78%</FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 12pt; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(187)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(229)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(184)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(371)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(432)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-14%</FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 12pt; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Adjusted EBIT</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(79)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(167)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-53%</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(246)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">563</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 12pt; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Adjusted EBIT margin (%)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9.0%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.5%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10 p.p</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-20.0%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11 p.p</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-14.3%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22.2%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-37 p.p</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: justify; line-height: 150%; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Net of depreciation and amortization.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>EBITDA
variation - US$ million (2Q24 vs. 2Q23)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #F3F3F3 1pt solid; background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Drivers</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #005250; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 23%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 11%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 11%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Prices</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>By-products</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 11%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total variation</B></FONT></TD>
    <TD STYLE="width: 11%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">235</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(152)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(48)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">81</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(127)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">108</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Includes variations of (i) US$ 19 million in PPA; (ii) US$ 53 million in inventory write-down in 2Q23 and (iii) US$ 9 million in others. </FONT></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><BR>
EBITDA decreased 54% y/y largely explained by (i) the 19% decrease in realized nickel prices, driven by lower LME prices; and (ii) lower
nickel and by-products volumes mainly reflecting the planned maintenance strategy at the nickel processing plants. </FONT></P>

<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>EBITDA
by operations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; background-color: #005250; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 41%; background-color: #007E7A; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24 vs. 2Q23 Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Sudbury<SUP>1</SUP></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">168 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-90%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">63 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-75%</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Higher unit costs and lower nickel prices and volumes. </FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Voisey&rsquo;s Bay &amp; Long Harbour</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(76)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(130)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-42%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">124%</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower third-party feed prices and volumes. 2Q23 was affected by the inventories write-down.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Standalone Refineries<SUP>2</SUP></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower costs offset lower nickel prices.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PTVI</FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">79 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">123 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-36%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">58 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36%</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower nickel prices partially offset by lower costs.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(17)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(46)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-63%</FONT></TD>
    <TD STYLE="background-color: white; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Stoppage costs and lower sales volumes due to the ramp-up after furnace rebuild works.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others<SUP>3</SUP></FONT></TD>
    <TD STYLE="background-color: #DBEDED; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">85 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">37 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">130%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>108 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>235 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-54%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>500%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Includes the Thompson operations. &sup2; Comprises the sales results for Clydach and Matsusaka refineries. &sup3; Includes intercompany eliminations, provisional price adjustments and inventories adjustments. Hedge results have been relocated to each nickel business operation.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Revenues
&amp; price realization</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 44%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #7F7F7F 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Volume sold ('000 metric tons)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">34</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">40</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">67</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">80</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-16%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-14%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">38</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold as by-product ('000 oz)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-25%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver as by-product ('000 oz)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">206</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">276</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-25%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">245</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-16%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">451</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">513</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PGMs ('000 oz)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">38</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">89</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-57%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">73</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-48%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">110</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">163</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-33%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cobalt (metric ton)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">320</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">660</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-52%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">465</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-31%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">785</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,281</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-39%</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><I>contd</I></P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 44%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #7F7F7F 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-top: #F3F3F3 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Average realized prices (US$/t)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-top: #F3F3F3 1pt solid; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-top: #F3F3F3 1pt solid; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-top: #F3F3F3 1pt solid; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-top: #F3F3F3 1pt solid; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-top: #F3F3F3 1pt solid; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-top: #F3F3F3 1pt solid; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18,638</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23,070</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16,848</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17,729</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24,162</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-27%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,137</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6,888</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,482</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,256</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7,870</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold (US$/oz)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,435</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,931</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">26%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,051</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">19%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,216</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,923</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver (US$/oz)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">28.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">27%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22.3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cobalt</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">28,258</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">34,694</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30,500</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">29,586</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33,040</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Net revenue by product (US$ million)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">639</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">930</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-31%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">557</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,195</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,943</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-38%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">164</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">145</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">153</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">317</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">319</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gold as by-product&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">46</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">42</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Silver as by-product </FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PGMs</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">38</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">85</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-55%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">68</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-44%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">106</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">160</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-34%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cobalt&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">23</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-61%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">14</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-36%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">43</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-47%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">12</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-58%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">10</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-50%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">25</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-40%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>882</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>1,222</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>-28%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>832</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>6%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>1,714</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>2,543</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>-33%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PPA adjustments&sup2;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">n.a</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">3</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">n.a.</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">n.a</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">n.a.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Net revenue after PPA adjustments</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>879</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>1,222</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>-28%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>835</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>5%</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>1,715</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>2,543</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>-33%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Revenues presented above were adjusted to reflect the market prices of products delivered related to the streaming transactions. &sup2; PPA adjustments started to disclose separately in 1Q24.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B><BR>
<BR>
Breakdown of nickel volumes sold</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 40%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>&nbsp;&lsquo;000 tons</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; border-right: Black 1pt solid; padding: 2pt -2.85pt 2pt 5.4pt; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>% total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>% total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>% total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; border-right: #747678 1pt solid; padding: 2pt -2.85pt 2pt 5.4pt; background-color: #007E7A; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>% total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>% total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Upper Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">19.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">56%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">22.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">56%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">20.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">63%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">39.8</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">59%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">46.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">58%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">- of which: EV Battery</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">0.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">0.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1.6</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">2.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Lower Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">3.9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">4.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">3.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">7.4</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">8.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Class II nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">6.6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">19%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">9.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">24%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">4.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">13%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">11.0</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">17.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">22%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Intermediates</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">4.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">3.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">4.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">13%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">9.2</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">7.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">9%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>34.3</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>40.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>33.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>67.4</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>80.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>100%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 28%; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>Sales mix </I></FONT></TD>
    <TD STYLE="width: 23%; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>North Atlantic&sup1;</B></FONT></TD>
    <TD STYLE="width: 18%; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Matsusaka</B></FONT></TD>
    <TD STYLE="width: 15%; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>PTVI</B></FONT></TD>
    <TD STYLE="width: 16%; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>On&ccedil;a Puma</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Upper Class I</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">77.5%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower Class I</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16.0%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Class II</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3.2%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">98.7%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">49%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Intermediates</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3.3%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1.3%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">100%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">51%</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B><BR>
Realized price and premium</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #7F7F7F 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Nickel realized price (US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">LME average nickel price</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">18,415</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">22,308</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-17%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">16,589</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">17,495</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">24,205</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-28%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Average nickel realized price</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">18,638</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">23,070</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">16,848</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">17,758</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">24,160</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-26%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Contribution to the nickel realized price by category:</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Nickel average aggregate (premium/discount)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">319</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">170</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">88%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">515</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-38%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">415</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">55</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">655%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Other timing and pricing adjustments contributions&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(97)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">94</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-203%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(256)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-62%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(152)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(99)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">54%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 20pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray"><B>Premium/discount by product (US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Upper Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1,260</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1,820</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-31%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1,210</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1,231</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1,682</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-27%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Lower Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">610</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1,250</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-51%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">650</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">627</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">1,294</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-52%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Class II nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">290</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(2,340)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-112%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">750</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-61%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">475</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(2,535)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-119%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">Intermediates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(3,650)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(4,930)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-26%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(3,060)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(3,360)</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">(5,268)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray">-36%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Comprises (i) the realized quotational period effects (based on sales distribution in the prior three months, as well as the differences between the LME price at the moment of sale and the LME average price), with a negative impact of US$89/t and (ii) fixed-price sales, with a negative impact of US$7/t. </FONT></TD></TR>
  </TABLE>

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<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0 12pt; letter-spacing: -0.1pt; text-align: justify">The
average realized nickel price was US$ 18,638/t, down 19% y/y, mainly due to the 17% decrease in the average LME nickel price. On a sequential
basis, the realized nickel price was up 11% in line with the increase in LME prices. In 2Q24, the average realized nickel price was 1.2%
higher than the LME average, mainly due to the 67% share of Class I products in the mix, at an average combined premium of US$ 1,145/t.</P>

<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Costs
</B></FONT></P>

<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Nickel
COGS - 2Q24 vs. 2Q23</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #F3F3F3 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Drivers</B></FONT></TD>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 28%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Exchange rate</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F3F3F3 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Others</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>Total variation</B></FONT></TD>
    <TD STYLE="width: 12%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Nickel operations</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">886</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(135)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(155)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">731</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">221</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(33)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(43)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">178</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,107</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(168)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(34)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(198)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>909</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Unit
cash cost of sales by operation, net of by-product credits</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 18%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$/t</I></FONT></TD>
    <TD STYLE="width: 10%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 10%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 10%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 10%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 10%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 32%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24 vs. 2Q23 Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Sudbury&sup1;,&sup2;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15,219</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11,737</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10,638</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">43%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Higher maintenance costs and lower fixed cost dilution due to the biennial planned maintenance partially offset by better mine performance.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Voisey&rsquo;s Bay &amp; Long Harbour&sup2;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">31,114</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">34,713</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21,323</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">46%</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower 3rd party feed volumes and prices.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Standalone refineries&sup2;<SUP>,</SUP>&sup3;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17,663</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22,999</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-23%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18,617</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower feed acquisition costs from PTVI. </FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">PTVI<SUP>4</SUP></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,590</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10,297</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,371</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower fuel costs.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21,705</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11,623</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">87%</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F2F2F2; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Lower fixed cost dilution due to the ramp-up after the furnace rebuild. </FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Sudbury costs include Thompson costs. &sup2; A large portion of Sudbury, Clydach, Matsusaka and Long Harbour finished nickel production is derived from intercompany transfers, as well as from the purchase of ore or nickel intermediates from third parties. These transactions are valued at fair market value. &sup3; Comprises the unit cash costs for Clydach and Matsusaka refineries. <SUP>4</SUP> Refers to nickel matte production cost.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B><BR>
EBITDA break-even (&ldquo;all-in&rdquo; costs)</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$/t</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">COGS ex. 3rd-party feed</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20,755</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21,135</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22,418</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21,573</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21,766</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">COGS&sup1;</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21,306</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21,969</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22,291</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21,790</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22,807</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">By-product revenues&sup1;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(7,097)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(7,232)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(8,304)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(7,690)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(7,460)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">COGS after by-product revenues</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14,210</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14,737</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13,987</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">14,100</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15,348</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other expenses&sup2;</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,109</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,516</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-56%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,306</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,200</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,820</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-34%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total Costs</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15,319</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17,253</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-11%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15,293</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>0%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15,300</B></FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17,168</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-11%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Nickel average aggregate (premium) discount</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(319)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(170)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">88%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(515)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-38%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(415)</FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(55)</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">655%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>EBITDA breakeven&sup3;</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15,000</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17,083</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-12%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>14,778</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>14,885</B></FONT></TD>
    <TD STYLE="border-right: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17,113</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-13%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #7F7F7F">&sup1; Excluding marketing activities. &sup2; Includes R&amp;D, sales expenses and pre-operating &amp; stoppage. &sup3; Considering only the cash effect of streaming transactions, nickel operations EBITDA break-even would increase to US$ </FONT><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">15,108/t in 2Q24.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0 12pt; letter-spacing: -0.1pt; text-align: justify"><BR>
Unit COGS, excluding 3rd-party feed purchases, were 2% lower y/y, driven by lower unit costs at PTVI. Also, better performance at the
mines, which drove unit costs down and lower spend at the mill, have partially offset the increase in maintenance costs especially in
Sudbury operations.</P>

<P STYLE="color: gray; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 2pt 0 12pt; letter-spacing: -0.1pt; text-align: justify">All-in
costs have decreased by 12% y/y, primarily due to: (i) lower 3rd-party feed purchase costs driven by both lower consumption and lower
nickel prices; (ii) lower expenses, as 2Q23 was impacted by the write-down of high-cost inventories related to Voisey&rsquo;s Bay and
Long Harbour operations; and (iii) higher nickel aggregate price premium. These effects have offset the increase in fixed cost due to
the biennial planned maintenance in Sudbury.</P>


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

<P STYLE="color: #747678; font: 11pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">Vale
will host a webcast on Friday July 26<SUP>th</SUP>, 2024, at 11:00 a.m. Brasilia time (10:00 a.m. New York time; 3:00 p.m. London time).
Internet access to the webcast and presentation materials will be available on Vale website at www.vale.com/investors. A webcast replay
will be accessible at www.vale.com beginning shortly after the completion of the call.</P>

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; border-bottom: #999999 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt; line-height: 130%"><FONT STYLE="font-size: 11pt; color: gray; line-height: 130%">&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #999999; font: 9pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">Except
where otherwise indicated, the operational and financial information in this release is based on the consolidated figures in accordance
with IFRS. Our quarterly financial statements are reviewed by the company&rsquo;s independent auditors. The main subsidiaries that are
consolidated are the following: Companhia Portu&aacute;ria da Ba&iacute;a de Sepetiba, Vale Mangan&ecirc;s S.A., Minera&ccedil;&otilde;es
Brasileiras Reunidas S.A., Vale Base Metals Ltd., Tecnored Desenvolvimento Tecnol&oacute;gico S.A., Vale Holdings B.V, Vale Canada Limited,
Vale International S.A., Vale Malaysia Minerals Sdn. Bhd., Vale Oman Pelletizing Company LLC e Vale Oman Distribution Center LLC.</P>

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

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


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>9,920</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>9,673</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>8,459</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>17%</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>18,379</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>18,107</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(6,349)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(5,940)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(5,367)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">18%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(11,716)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(10,889)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3,571</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3,733</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3,092</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>15%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>6,663</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>7,218</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Gross margin (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">36.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">38.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-3 p.p.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">36.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-1 p.p.</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">36.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">39.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-4 p.p.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Selling and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(137)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(139)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(140)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(277)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(257)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Research and development expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(189)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(165)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(156)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">21%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(345)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(304)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Pre-operating and operational stoppage</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(91)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(103)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(92)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(183)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(227)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-19%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Other operational expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(289)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(388)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-26%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(250)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(539)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(607)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Impairment reversal (impairment and disposals) of non-current assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1,010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(66)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1,004</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(70)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">n.a.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>3,875</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,872</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>35%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,448</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>58%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>6,323</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>5,753</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>10%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">78</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">106</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-26%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">109</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-28%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">187</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">227</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-18%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Financial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(365)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(397)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(339)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(704)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(717)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Other financial items, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(965)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">134</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(207)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">366%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(1,172)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(197)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">495%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">112</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">2140%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">124</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-10%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">236</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(50)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-572%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,735</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,720</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,135</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>28%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>4,870</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>5,016</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>-3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Current tax</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(638)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(404)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">58%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(734)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-13%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(1,372)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(622)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">121%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Deferred tax</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">672</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(1,388)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">286</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">135%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">958</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">(1,588)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">n.a.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>928</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>198%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1,687</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>64%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>4,456</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,806</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>59%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">36</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-100%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">77</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-90%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>892</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>210%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1,679</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>65%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>4,448</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,729</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>63%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>928</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>198%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1,687</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>64%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>4,456</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,806</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>59%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Net income (Loss) attributable to Vale's to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">36</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-100%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">77</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">-90%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>892</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>210%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>1,679</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>65%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>4,448</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>2,729</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F"><B>63%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Earnings per share (attributable to the Company's shareholders - US$):</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">Basic and diluted earnings per share (attributable to the Company's shareholders - US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">0.65</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">0.20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">225%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">0.39</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">67%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">1.04</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">0.62</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F">68%</FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

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

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><B>Equity
income (loss) by business segment</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 22%; border-right: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: white 1pt solid; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: white 1pt solid; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="width: 6%; border-right: white 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Iron Ore Solutions</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">109</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">95</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">89</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">91</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22%</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">58</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">89</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">88%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">167</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">93</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(170)</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Energy Transition Metals</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-33%</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-14%</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">70</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-24%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>115</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>98</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>65</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>77%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>180</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>10</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1700%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

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


<!-- Field: Page; Sequence: 26 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="color: #747678; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><B>&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 45%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 11%; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>6/30/2024</B></FONT></TD>
    <TD STYLE="width: 11%; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>6/30/2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>3/31/2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;14,829 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;15,547 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-5%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;17,528 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-15%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;6,479 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;4,983 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,790 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">71%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Short term investments</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;61 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;46 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">33%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;44 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,332 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,967 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-21%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,233 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;168 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;522 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-68%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;420 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-60%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;4,793 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;5,193 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;5,195 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;659 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,502 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-56%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;840 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-22%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;672 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;337 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;334 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;364 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Non-current assets held for sale</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,970 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-100%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;13,294 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;14,402 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-8%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;13,446 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;585 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,326 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-56%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;669 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-13%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;160 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;698 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-77%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;336 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-52%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,329 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,229 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,384 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;9,931 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;9,904 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;9,699 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,289 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,245 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,358 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Fixed assets</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;58,492 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;61,568 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-5%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;60,703 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-4%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;86,615 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;91,517 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-5%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;91,677 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;13,743 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;13,556 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;15,676 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-12%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;4,769 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;5,240 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;5,546 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-14%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Loans, borrowings and leases</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;910 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;713 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">28%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,286 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-29%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;177 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;199 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-11%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;192 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,467 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,599 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,708 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-14%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Taxes payable</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,242 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;882 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,698 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-27%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;383 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;416 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;492 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-22%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Provisions for litigation</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;115 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;121 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;117 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;724 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;728 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;602 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,605 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,044 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">54%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;923 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">74%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;974 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,201 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,063 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Dam decharacterization and asset retirement obligations</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;956 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;899 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,045 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;421 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;514 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;464 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Liabilities associated with non-current assets held for sale</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;540 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-100%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;34,485 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;37,670 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-8%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;36,988 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Loans, borrowings and leases</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;12,860 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;11,704 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;11,962 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,183 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,321 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,234 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Participative shareholders' debentures</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,451 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,528 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,621 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-6%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,656 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,771 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,043 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-13%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Settlement program (REFIS)</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,284 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,886 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-32%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,515 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;806 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,411 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-43%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;848 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Provisions for litigation</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;765 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,347 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-43%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;885 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-14%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,221 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,353 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,288 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,102 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,575 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-18%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;3,267 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-36%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,438 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;2,075 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-31%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,831 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-21%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Dam decharacterization and asset retirement obligations</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;5,484 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;6,786 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;6,261 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Streaming transactions</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,948 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,693 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;1,956 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;287 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;220 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;277 </FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;48,228 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;51,226 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-6%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;52,664 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-8%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;38,387 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;40,291 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-5%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;39,013 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-2%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total liabilities and shareholders' equity</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;86,615 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;91,517 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-5%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;91,677 </B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-6%</B></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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<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; letter-spacing: -0.1pt; text-align: justify"><B>Cash
flow</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash flow from operations</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,353</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,259</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-28%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,479</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-47%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Interest on loans and borrowings paid</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(211)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(200)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(186)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash received on settlement of Derivatives, net</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">81</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">134</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-40%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">43</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">88%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Payments related to Brumadinho</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(265)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(497)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-47%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(135)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">96%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Payments related to dam decharacterization</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(132)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(95)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(119)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Interest on participative shareholders debentures paid</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(149)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(127)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Income taxes (including settlement program) paid</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(466)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(574)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(506)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,211</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,900</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-36%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,576</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-66%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash flow from investing activities</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Short-term investment</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">28</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">67</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-58%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(44)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Capital expenditures</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,328)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,208)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,395)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Payments related to Samarco dam failure</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(105)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(31)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">239%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(86)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">22%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Dividends received from joint ventures and associates</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">105</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-63%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1200%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash received from disposal of investments, net</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,610</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other investment activities, net</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,240</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(1,067)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>n.a.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(1,519)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>n.a.</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Loans and financing:</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Loans and borrowings from third parties</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,090</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,500</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-27%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">870</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Payments of loans and borrowings from third parties</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(530)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(581)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-9%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(62)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">755%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Payments of leasing</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(44)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(45)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(41)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Payments to shareholders:</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Dividends and interest on capital paid to Vale's shareholders</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(2,328)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Dividends and interest on capital paid to noncontrolling interest</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-100%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">Share buyback program</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(114)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,361)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-92%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(275)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-59%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Acquisition of additional stake in subsidiaries</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(130)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-100%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">402</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(622)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-165%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>(1,836)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>n.a.</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,853</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>211</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1252%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>221</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1191%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash and cash equivalents in the beginning of the period</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,790</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4,705</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3,609</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(164)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">67</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(40)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">310%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash and cash equivalents at the end of period</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>6,479</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,983</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>30%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,790</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>71%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Non-cash transactions:</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Additions to property, plant and equipment - capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">5</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">60%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">5</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">60%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,735</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,720</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,135</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>28%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted for:</B></FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Review of estimates related to Brumadinho</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(14)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">140</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">133%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Review of estimates for dam decharacterization</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(70)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(61)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(112)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2140%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(124)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Impairment (impairment reversal) and results on disposal of non-current assets, net</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,010)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">66</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">793</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">779</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">714</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Financial results, net</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,252</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">157</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">697%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">437</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">186%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Change in assets and liabilities</B></FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(167)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(247)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-32%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,935</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-109%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">165</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(157)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(626)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(528)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">570</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">378</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(691)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(764)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-left: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(309)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">124%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash flow from operations</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,353</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,259</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; border-left: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-28%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,479</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-47%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="9" STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F"><B>(a) Adjusted EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net operating revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,920</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,673</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">3%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,459</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6,349)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5,940)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">7%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5,367)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Sales and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(137)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(139)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(140)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Research and development expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(189)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(165)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(156)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">21%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(91)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(103)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-12%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(92)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Brumadinho and dam decharacterization</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(271)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(41)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Other operational expenses, net<FONT STYLE="color: #7F7F7F"><SUP>1</SUP></FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(208)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(65)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">220%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(142)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">46%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">253</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">229</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">203</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">25%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,200</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,219</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-1%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,724</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="10" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Includes adjustment of US$ 83 million in 2Q24, US$ 67 million in 1Q24, US$ 150 million in 1H24, US$ 52 million in 2Q23 and US$ 87 million in 1H23, to reflect the performance of the streaming transactions at market price.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F"><B>(b) Adjusted EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt">
    <P STYLE="color: #7F7F7F; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left">EBITDA defines
    profit or loss before interest, tax, depreciation, depletion and amortization. The definition of Adjusted EBITDA for the Company is the
    operating income or loss plus dividends received and interest from associates and joint ventures, and excluding the amounts charged as
    (i) depreciation, depletion and amortization and (ii) impairment reversal (impairment and disposals) of non-current assets. However, our
    adjusted EBITDA is not the measure defined as EBITDA under IFRS and may possibly not be comparable with indicators with the same name
    reported by other companies. Adjusted EBITDA should not be considered as a substitute for operational profit or as a better measure of
    liquidity than operational cash flow, which are calculated in accordance with IFRS. Vale provides its adjusted EBITDA to give additional
    information about its capacity to pay debt, carry out investments and cover working capital needs. The following tables shows the reconciliation
    between adjusted EBITDA and operational cash flow and adjusted EBITDA and net income, in accordance with its statement of changes in financial
    position.</P>
    <P STYLE="color: #7F7F7F; font: 8pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left">The definition
    of Adjusted EBIT is Adjusted EBITDA plus depreciation, depletion and amortization.</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #7F7F7F; margin: 2pt 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="9" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F"><B>Reconciliation between adjusted EBITDA and operational cash flow</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,993</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,998</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>0%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,438</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>16%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Working capital:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Accounts receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(167)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(247)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-32%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,935</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">165</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(157)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(626)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Suppliers and contractors</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(528)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">570</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">378</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Review of estimates related to Brumadinho</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(14)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">140</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">133%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Review of estimates related to dam decharacterization</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(70)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(61)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,026)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,045)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(579)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">77%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Cash flow</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,353</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,259</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-28%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,479</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-47%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Income taxes paid (including settlement program)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(466)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(574)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-19%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(506)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Interest on loans and borrowings paid</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(211)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(200)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(186)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Payments related to Brumadinho event</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(265)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(497)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-47%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(135)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">96%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Payments related to dam decharacterization</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(132)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(95)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">39%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(119)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Interest on participative shareholders' debentures paid</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(149)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(127)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Cash received on settlement of Derivatives, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">81</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">134</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-40%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">43</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">88%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,211</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,900</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-36%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,576</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-66%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="9" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F"><B>Reconciliation between adjusted EBITDA and net income (loss)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,993</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,998</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>0%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,438</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>16%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(793)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(779)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(714)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">EBITDA from associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(253)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(229)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>10%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(203)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>25%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Impairment reversal (impairment) and results on disposals of non-current assets, net&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">928</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(118)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(73)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,875</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,872</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>35%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,448</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>58%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,252)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(157)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">697%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(437)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">186%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">112</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2140%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">124</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">34</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(1,792)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(448)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,769</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>928</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>198%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,687</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>64%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-100%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-100%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,769</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>892</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>210%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,679</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>65%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="10" STYLE="white-space: nowrap; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Includes adjustment of US$ 83 million in 2Q24, US$ 67 million in 1Q24, US$ 150 million in 1H24, US$ 52 million in 2Q23 and US$ 87 million in 1H23, to reflect the performance of the streaming transactions at market price.</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F"><B>(c) Net debt</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gross debt </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13,770</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12,417</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">13,248</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,360</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,520</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-11%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,426</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Cash and cash equivalents&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(6,540)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(5,029)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">(4,569)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">43%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Net debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,590</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,908</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-4%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>10,105</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="10" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Includes US$ 735 million related to non-current assets held for sale in 1Q24 due to the PTVI divestment.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F"><B>(d) Gross debt / LTM Adjusted EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #005250 1pt solid; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gross debt and leases&nbsp;&nbsp;/ LTM Adjusted EBITDA (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.8</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.9</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-11%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.8</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Gross debt and leases / LTM operational cash flow&nbsp;&nbsp;(x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.8</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.8</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F3F3F3; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0.9</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-6%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="9" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F"><B>(e) LTM Adjusted EBITDA / LTM interest payments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #005250 1pt solid; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Adjusted LTM EBITDA / LTM gross interest (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.6</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.1</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24.3</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">LTM adjusted EBITDA / LTM interest payments (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">26.2</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">20.1</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">30%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23.5</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F"><B>(f) US dollar exchange rates</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>R$/US$</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #005250 1pt solid; background-color: #005250; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">Average</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.2129</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.9485</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.9515</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">End of period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; background-color: #DBEDED; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5.5589</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.8192</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">15%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4.9962</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; background-color: #F4F4F4; padding-top: 2pt; padding-bottom: 2pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
  </TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 22%; border-right: white 1pt solid; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005C5A; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: white 1pt solid; background-color: #005C5A; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: white 1pt solid; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: white 1pt solid; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: white 1pt solid; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: white 1pt solid; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005C5A; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: white 1pt solid; background-color: #005C5A; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: white 1pt solid; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>North America</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>435</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>4.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>554</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;5.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-21%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>427</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;5.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>862</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>4.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,207</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;6.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-29%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;USA</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">254</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">2.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">431</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;4.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-41%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">243</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;2.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">497</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">2.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">942</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;5.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-47%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">181</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">123</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;1.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">47%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">184</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;2.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">365</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">2.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">265</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;1.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">38%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>South America</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>974</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>9.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,098</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;11.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-11%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,128</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;13.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-14%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>2,102</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>11.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>2,165</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;12.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">868</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">8.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">994</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;10.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1,006</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;11.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-14%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1,874</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">10.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1,913</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;10.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">106</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">104</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;1.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">122</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;1.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-13%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">228</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">252</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;1.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>Asia</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>6,858</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>69.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>6,278</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;64.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>5,169</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;61.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>33%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>12,027</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>65.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>11,004</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;60.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;China</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">4,994</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">50.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">4,638</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;47.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">3,674</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;43.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">36%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">8,668</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">47.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">8,045</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;44.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Japan</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">927</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">9.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">824</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;8.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">682</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;8.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">36%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1,609</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">8.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1,513</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;8.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;South Korea</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">282</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">2.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">374</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;3.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-25%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">206</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;2.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">37%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">488</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">2.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">686</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;3.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-29%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">655</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">6.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">442</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;4.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">48%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">607</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;7.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1,262</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">6.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">760</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;4.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">66%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>Europe</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,079</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>10.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,227</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;12.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-12%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>1,009</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;11.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>2,088</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>11.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>2,790</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;15.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-25%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Germany</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">286</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">2.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">294</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;3.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">326</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;3.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-12%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">612</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">3.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">722</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;4.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-15%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Italy</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">0.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">182</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;1.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-81%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;0.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">79%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">53</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">0.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">365</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;2.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-85%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">759</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">7.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">751</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;7.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">664</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;7.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1,423</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">7.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">1,703</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">&nbsp;9.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181">-16%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>Middle East</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>251</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>2.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>162</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;1.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>55%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>266</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;3.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>517</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>2.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>400</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;2.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>29%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>Rest of the World</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>323</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>3.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>354</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;3.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>460</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;5.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>-30%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>783</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>4.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>541</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>&nbsp;3.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181"><B>45%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,920</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;100.0 </B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,673</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;100.0 </B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,459</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;100.0 </B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17%</B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>18,379</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;100.0 </B></FONT></TD>
    <TD STYLE="border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>18,107</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: center; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;100.0 </B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Volume
sold by destination &ndash; Iron ore and pellets</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 44%; background-color: #007E7A; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>&lsquo;000 metric tons</I></FONT></TD>
    <TD STYLE="width: 7%; background-color: #005250; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #007E7A; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #005250; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #007E7A; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #747678 1pt solid; background-color: #007E7A; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Americas</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,965</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>10,784</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,785</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>19,750</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>20,935</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,977</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,512</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">8,762</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17,739</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">18,261</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">988</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,272</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-22%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,011</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,674</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-25%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Asia</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>62,357</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>56,618</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>46,872</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>33%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>109,229</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>94,676</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>15%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;China</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">49,422</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">44,908</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36,309</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">36%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">85,731</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">73,203</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Japan</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6,543</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6,269</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,065</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">29%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11,608</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11,814</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">6,392</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,441</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">17%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,498</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">11,890</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">9,659</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">23%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Europe</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,199</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,317</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>27%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7,516</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,190</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-18%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Germany</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,185</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">426</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">178%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">776</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">53%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,961</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,390</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">41%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;France</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">590</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">742</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-20%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">589</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,179</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,822</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-35%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,424</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">2,854</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">1,952</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">24%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">4,376</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">5,978</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt">-27%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Middle East</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,386</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>953</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>45%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,407</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,793</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,193</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>27%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Rest of the World</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,885</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>1,997</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2,446</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>-23%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>4,331</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3,038</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>43%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>79,792</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>74,374</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>63,827</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>25%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>143,619</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>130,032</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; border-bottom: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>10%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Net
operating revenue by business area</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 22%; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #005250; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #7F7F7F 1pt solid; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-right: #747678 1pt solid; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: teal; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>8,298</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>84%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>7,776</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>80%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>7,025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>83%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>18%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>15,323</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>83%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>14,187</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>78%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron ore fines</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">6,729</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">68%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">6,235</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">64%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">5,292</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">63%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">27%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">12,021</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">65%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">11,217</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">62%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROM</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">27</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-21%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">54</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">60</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,394</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,413</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,585</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-12%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">2,979</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">2,735</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">148</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">94</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">57%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">121</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">22%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">269</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">175</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">54%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>1,622</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>16%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>1,871</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>19%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-13%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>1,434</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>17%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>13%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>3,056</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>17%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>3,869</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>21%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-21%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">639</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">930</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-31%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">558</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">15%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,197</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,943</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-38%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">699</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">516</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">35%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">587</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">19%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,286</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #7F7F7F 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1,099</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGMs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">38</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">85</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-55%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">68</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-44%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">106</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">160</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-34%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold as by-product&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">155</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">131</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">18%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">137</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">13%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">292</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">228</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">28%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver as by-product</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">12</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">20%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">22</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-91%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-80%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">12</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">43</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-72%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others&sup2;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">77</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">175</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-56%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">63</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">22%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">141</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #EBF5F5; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">375</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282">-62%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>Others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>26</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DBEDED; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>51</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #747678 1pt solid; background-color: #F3F3F3; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282"><B>-100%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>Total </B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,920</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100%</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>9,673</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>3%</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>8,459</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>17%</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>18,379</B></FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>18,107</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: #747678 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: right; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt"><B>2%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="14" STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: gray">&sup1; Exclude the adjustment of US$ 83 million in 2Q24, US$ 67 million in 1Q24, US$ 150 million in 1H24, US$ 52 million in 2Q23 and US$ 87 million in 1H23, related to the performance of streaming transactions at market price. &sup2; Includes marketing activities.</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 34%; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Copper</B></FONT></TD>
    <TD STYLE="width: 33%; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Alem&atilde;o</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 60 ktpy</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Underground mine</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">115 kozpy Au as byproduct</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>South Hub extension (Bacaba)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 60-80 ktpy</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3&sup1;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 4Q24</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Open pit</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Development of mines to feed Sossego mill</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Victor</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 20 ktpy</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Ontario, Canada</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Underground mine</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">5 ktpy Ni as co-product; JV partnership under discussion</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Hu&rsquo;u</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 300-350 ktpy</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Dompu, Indonesia</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">200 kozpy Au as byproduct</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 80%</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Underground block cave</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>North Hub</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 70-100 ktpy</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL1</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Mines and processing plant</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Nickel</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Sorowako Limonite</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 60 ktpy</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Sorowako, Indonesia</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 4Q24</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: N/A&sup2;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Mine + HPAL plant</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">8 kpty Cu as by-product</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Creighton Ph. 5</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 15-20 ktpy</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Ontario, Canada</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Underground mine</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">10-16 ktpy Cu as by-product</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>CCM Pit</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 12-15 ktpy</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Ontario, Canada</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2024-2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Open pit mine</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">7-9 ktpy Cu as by-product</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>CCM Ph. 3</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 5-10 ktpy</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Ontario, Canada</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Underground mine</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">7-13 ktpy Cu as by-product</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>CCM Ph. 4</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: 7-12 ktpy</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Ontario, Canada</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">7-12 ktpy Cu as by-product</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Underground mine</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Nickel Sulphate Plant</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: ~25 ktpy</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Quebec, Canada</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Investment decision: 2024-2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt"><B>Iron ore</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Apolo</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: Under evaluation </B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Southern System, Brazil</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Open pit mine</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Green briquette plants</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL3 (two plants) FEL 2 (6 plants)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Brazil and other regions</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Investment decision: 2025-2030</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Cold agglomeration plant</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">8 plants under engineering stage, including co-located plants in clients&rsquo; facilities </FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Serra Leste expansion</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: +4 Mtpy (10 Mtpy total)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Northern System (Brazil)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Open pit mine</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>S11C</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Northern System (Brazil)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Open pit mine</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Serra Norte N1/N2<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Northern System (Brazil)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Replacement project</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Open pit mine</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Mega Hubs</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt"><B>Stage: Prefeasibility Study</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Middle East</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Growth project</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; padding-left: 7.1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt">Industrial complexes for iron ore concentration and agglomeration and production of direct reduction metallics</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; text-align: left; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt">Vale signed three agreements with Middle East local authorities and clients to jointly study the development of Mega Hubs</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="color: #747678; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 1pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>1</SUP>
    Refers to the most advanced projects (Bacaba and Cristalino). </FONT></P>
    <P STYLE="color: #747678; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 1pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>2</SUP>
    Indirect ownership through Vale&rsquo;s 44.34% equity in PTVI. PTVI will own 100% of the mine and has the option to acquire up to 30%
    of the plant as part of the JV agreement.</FONT></P>
    <P STYLE="color: #747678; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 1pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>3</SUP>
    Project scope is under review given permitting constraints.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/126% Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Vale S.A.<BR>
    (Registrant) &nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Thiago Lofiego</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Date: July 25, 2024</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in"> Director of Investor Relations</TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
